Home Equity
Access the equity in your home with a Magyar Home Equity Loan or Line of Credit. How you use the money is up to you - we just make it easy for you to apply, and we'll get a decision back fast.
- Home improvements
- New Car
- College Tuition
- Consolidate Existing Loans
Choose what's best for you:
Home Equity Line of Credit
Ideal for homeowners looking to borrow money as they need it. With a Magyar Home Equity Line of Credit, you can access your money simply by writing a check.
Home Equity Loan
For homeowners who need to borrow a specific amount and want to pay it back over a specific time frame at a fixed interest rate.
Current Rates
APY (Annual Percentage Yield) effective and subject to change without notice.
| Term | Rate | Points | APR | P & I payment per $1,000 |
|---|---|---|---|---|
2nd Lien Home Equity Loans |
||||
|
20 Years |
5.000% |
0 |
5.000% |
$6.60 |
|
15 Years |
4.750% |
0 |
4.750% |
$7.78 |
|
10 Years |
4.500% |
0 |
4.500% |
$10.36 |
|
5 Years |
4.250% |
0 |
4.250% |
$18.53 |
1st Lien Home Equity Loans |
||||
|
20 Years |
3.750% |
0 |
3.750% |
$5.93 |
|
15 Years |
3.500% |
0 |
3.500% |
$7.15 |
|
10 Years |
3.250% |
0 |
3.250% |
$9.77 |
|
5 Years |
3.000% |
0 |
3.000% |
$17.97 |
*APR (Annual Percentage Rate) is subject to change without notice. Subject to credit approval. $10,000 minimum loan amount, $500,000 maximum loan amount. Eligible properties include 1-4 family primary residences or second homes (single family home or condos). Property insurance is required.
|
Current Rate - 4.00 % |
||
|
Interest Rate/APR - Prime Rate as published in the Wall Street Journal + 0.25 (currently 3.50%), subject to change, with a floor of 4.00%. This rate assumes no Auto Pay established. For loans with Auto Pay from a Magyar checking account and a Combined Loan To Value of 70% or less APR is Prime Rate minus 1.00%, with a floor of 4.00%. |
||
|
Payment - Minimum monthly payment will be based on interest due during the initial 10 year draw period. |
||
|
Term - 10 years draw period followed by a 15 year amortized repayment period |
||
|
$25 annual maintenance fee. $400 early termination fee if the line of credit is closed within 24 months of opening. |