Instead of interest rates based on your credit score, we consider your home's value, current outstanding mortgage and lien position.
Whether you have a lot of equity in your home or your home is paid off, our options can help you! With some of the lowest rates in Michigan, our home equity offerings could be a great way to consolidate debt, remodel, repair or enlarge your home, or pay for a loved one’s education!
Home Equity Line of Credit:
12-month Introductory rate 6.99%*
Not sure how much you’ll need or prefer to have a low-cost credit option available to you when you need it? Our home equity line of credit is the option for you.
- Access up to 80% of your home's equity based on the combined loan to value with a minimum of $5,000 and maximum of $250,000
- Low, affordable monthly payments (Minimum monthly payment is interest only, any additional amount paid is applied to the principal balance)
- Draw period of 10 years and repayment terms up to 15 years
- Access your funds in our Digital Banking Platform, by check, phone or an advance in person at any LOC office
- Lump sum payments can be made at any time with no pre-payment penalties
- Quick turnaround and loan processing time
Fixed Rate Home Equity Loans:
Rates as low as 6.25%
Use this option when you know exactly how much you need to borrow or have a specific purpose in mind for the funds.
- Access funds up to 80% of your home's equity with a minimum of $5,000 and a maximum of $300,000
- Closed-end, fixed-rate loan disbursed in one lump sum
- Repayment terms of up to 7, 10, 15 or 20 years
- Quick turnaround and loan processing time
| Adjustable APR As Low As | LTV & Lien Requirements | Minimum or Maximum |
|---|---|---|
| 6.99%* | 60% CLTV or 80% LTV First Lien | $5,000 Min/$250,000 Max |
| 6.99%* | 60.01%-80% CLTV | $5,000 Min/$150,000 Max |
| APR = Annual Percentage Rate | ||
Financing is only available on single unit, owner-occupied, primary residences located in the state of Michigan *Introductory offer. Available for the first 12 months after the loan closes (not when the advance is made). After the introductory period, the loan reverts to the APR as stated in the HELOC addendum. Rates are not risk-based; all members will get the same low rate based on loan to value of their home. | ||
| Term | Rates as low as | LTV & Lien Requirements |
|---|---|---|
| Up to 7 Years | 6.25% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| Up to 7 Years | 7.00% | 65.01% to 80% CLTV | 2nd Lien |
| 10 Years | 6.60% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 10 Years | 7.35% | 65.01% to 80% CLTV | 2nd Lien |
| 15 Years | 7.30% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 15 Years | 8.05% | 65.01% to 80% CLTV | 2nd Lien |
| 20 Years | 7.50% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 20 Years | 8.50% | 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 | ||
Calculate Your Estimated Borrowing Capacity Using A Home Equity Line of Credit (HELOC)
Depending upon the market value of your home, outstanding mortgage balance, credit history and other factors, you may qualify for a HELOC. Monthly payments on a HELOC are variable as they fluctuate with interest rate changes. Use this calculator to estimate your borrowing capacity on a HELOC. (Subject to underwriting guidelines, including limits on maximum loan to value.)
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