Home equity can be a great source of value for homeowners to access cash for renovations, large purchases, or alternative debt repayment. MAC offers a few different home equity options to meet your needs.
- For amounts up to $50,000, check out the details on our Mini HELOC below.
- For amounts over $50,000, find out more about our Home Equity Lines and Loans.
Mini HELOC - Up to $50,000
MAC’s Mini HELOC program allows you to borrow up to $50,000 without any equity in your residence. Closing costs are minimal and appraisals are not required. This revolving line of credit gives you quick access to funds.
Details
- Access funds easily through your MAC account
- Fast turnaround times, with low closing costs and 10-year, interest only draw period
- Competitive variable interest that’s only charged on what you use
- Interest payments may be tax-deductible *Please consult with your tax advisor.
- 1-4 Unit primary residence must be in Fairbanks North Star Borough, Southeast Fairbanks Census Area, Denali Borough, or Matanuska-Susitna Borough to qualify
Home Equity Lines and Loans - Over $50K
MAC offers an opportunity to utilize your home equity with a home equity loan or line of credit. With a home equity loan, you receive the money you are borrowing in a lump sum payment, with a fixed interest rate. With a home equity line of credit (HELOC), you can borrow or draw money multiple times from an available maximum amount.
- Max loan to value 80% with loans available up to $500,000
- Interest payments may be tax-deductible *Please consult with your tax advisor.
- 1-4 Unit primary residence or second residence options available
- Fixed and variable rate options available
