| Home Equity Loans | ||
| Effective Date: Sunday, March 26th, 2023 | ||
| Term | Rates as low as | LTV & Lien Requirements |
| Up to 7 Years | 5.75% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| Up to 7 Years | 6.50% | 65.01% to 80% CLTV | 2nd Lien |
| 10 Years | 6.00% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 10 Years | 6.75% | 65.01% to 80% CLTV | 2nd Lien |
| 15 Years | 6.25% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 15 Years | 7.00% | 65.01% to 80% CLTV | 2nd Lien |
| 20 Years | 6.50% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 20 Years | 7.25% | 65.01% to 80% CLTV | 2nd Lien |
This financing option is only available on single unit, owner-occupied, primary residences located in the state of Michigan Rates are not risk-based; all members will get the same low rate based on the loan to value of their home and LOC's lien position. *Maximum loan amount for up to 3 year term is $20,000. Minimum amount to borrow is $5,000; maximum amount is $300,000. | ||
Approval is based on overall creditworthiness factors and satisfactory collateral. Example: A loan amount of $75,000 with a rate as low as 5.75% for 84 months would have an approximate monthly payment of $1,087 APR = Annual Percentage Rate | ||
