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:
9-month Introductory* rate 4.99%
*After the introductory period, the loan reverts to the APR as stated in the HELOC addendum.
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 6.00%
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
- Your home loan toolkit
| Introductory APR* | Variable APR After Introductory Offer* | LTV & Lien Requirements | Minimum or Maximum |
|---|---|---|---|
| 4.99% | 7.25% | 60% CLTV or 80% LTV First Lien | $5,000 Min/$250,000 Max |
| 4.99% | 7.75% | 60.01%-80% CLTV | $5,000 Min/$150,000 Max |
*Standard rate offered and approval based on overall creditworthiness factors and collateral. Introductory rate valid for 9 months from the open date after which the rate will default to the standard variable rate. Minimum loan amount is $5,000 and maximum is $300,000. Combined loan-to-value may not exceed 80%. Lien must not exceed second position. Third lien position will only be considered if LOC holds first or second position. Property must be a single-family, owner-occupied principal residence located in the state of Michigan. Certain programs may allow for a second home property to be used as security. Modular/manufactured homes may be allowed. Homeowners insurance policy required, and if applicable, flood insurance. The credit union waives all third-party fees. A recoupment fee of up to $395 will be assessed if you close your account within 24 months of the open date. Maximum APR is 18%. Other conditions and restrictions may apply. Contact the credit union for complete details. Rates accurate as of 5/21/2025. Product may be changed or discontinued at any time. | |||
| Term | Rates as low as | LTV & Lien Requirements |
|---|---|---|
| Up to 7 Years | 6.00% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| Up to 7 Years | 6.75% | 65.01% to 80% CLTV | 2nd Lien |
| 10 Years | 6.35% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 10 Years | 7.10% | 65.01% to 80% CLTV | 2nd Lien |
| 15 Years | 6.625% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 15 Years | 7.375% | 65.01% to 80% CLTV | 2nd Lien |
| 20 Years | 7.00% | 65% CLTV 2nd Lien or 80% LTV 1st Lien |
| 20 Years | 7.75% | 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. All loans, terms and conditions are subject to Credit Union qualifications & may vary based on creditworthiness. Restrictions may apply. 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. Payment example does not include homeowner insurance, property taxes, private mortgage insurance, or homeowner association dues. Homeowner insurance required. 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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