guy working on a home remodel

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!

See Rates

father and daughter working on kitchen renovations

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
man demoing inside of home with saw

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
  • Your home loan toolkit

Home Equity Line of Credit Rates
Effective Date: Sunday, December 8th, 2024
10 Year Draw - 15 Year Repayment
Adjustable APR As Low AsLTV & Lien RequirementsMinimum or Maximum
4.99%* 60% CLTV or 80% LTV First Lien $5,000 Min/$250,000 Max
4.99%* 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 9 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. 

Maximum APR of 18.0%. All loan terms and conditions are subject to Credit Union qualifications and creditworthiness. Some restrictions may apply.

Home Equity Loan Rates
Effective Date: Sunday, December 8th, 2024
TermRates as low asLTV & 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 6.875% 65% CLTV 2nd Lien or 80% LTV 1st Lien
15 Years 7.625% 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. 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

 

Home Equity Loans - Second Home
Effective Date: Sunday, December 8th, 2024
TermRates As Low AsMinimum or MaximumMaximum LTV
Second / Vacation Home
Up to 10 Years 7.50% $5,000 Min/$35,000 Max 70%

Financing is only available on single unit, owner-occupied residences located in the state of Michigan.

Approval is based on overall creditworthiness factors and satisfactory collateral.

Example: A loan amount of $35,000 with a rate of 6.29% APR for 120 months would have an approximate monthly payment of $394.86

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.)

Your Mortgage

You Might Also Like

Using a Home Equity Loan to Increase Value
Using a Home Equity to Increase Your Value

It can be beneficial to use your home’s value to borrow money against, especially since home improvements have the tendency to increase your home’s value.

Read More

happy family
How Much Does a Home Remodel Really Cost?

You might be wondering “but how much does it really cost to remodel my home?” Your overall cost will depend on a number of things.

Read More

reviewing loan options
Considerations When Selecting a Loan

Here are some important things to keep in mind as you consider how a home equity loan could help you with your financial goals.

Read More

 

Here to Help

online banking icon
Digital Banking

Are you a digital banking user? Login to send us a secure message

phone icon
Contact Us

Want to talk to someone?
Call: 800.837.4562
Text: 248.474.2200

Monday - Thursday 9 am to 5 pm
Friday 9 am to 6 pm
Saturday 9 am to 1 pm

appointment icon
Make an Appointment

Need to come in to speak to someone?  Make an appointment at one of our convenient locations.