If you need financing for ongoing needs, a line of credit is the way to go. Unlike a lump-sum loan, there's no need to reapply to reuse — as the principal line of credit is repaid, more becomes available for use. So you can build that new addition to your home or take that family trip without breaking your budget.
Home Equity Line of Credit (HELOC)
- Competitive financing for ongoing or seasonal needs1:
- Education expenses
- Major life events
- Major home improvements
- Debt consolidation
- Emergency reserve
- And much more!
- The existing equity in your home is used as collateral backing
- Funds available anytime without reapplying; apply once, then use repeatedly thereafter
- Revolving credit — as principal is repaid, more becomes available for use
- Accommodating repayment terms that work uniquely for you:
- $200 processing fee waived with minimum $500 depository relationship. A Mortgage Subordination Fee may also apply.
- No points
- No prepayment penalty
- No annual fee
- The interest paid might be tax deductible2
- Local decision-making and processing right here in Eastern Michigan
- Helpful loan advisors there to guide you every step of the way
When applying for a loan, it's important to know the basics of credit reporting and scoring — learn more.
|HOME EQUITY LINE OF CREDIT w/ 80% Max CLTV*||APR|
|$5,000 - $24,999||P + 2.00|
|$25,000 - 49,999||P + 1.50|
|$50,000 - $250,000||P + 1.00|
|HOME EQUITY LINE OF CREDIT w/ 70% Max CLTV*||APR|
|$250,001 - $500,000||P + .25|
*Rates effective: August 1, 2020
20 yr. note w/ 5 yr. draw period followed by 15 yr. fully amortized payback period
Monthly payment is interest-only based on the balance owing.
Chart data is for illustrative purposes only and is subject to change without notice. Above rates are variable, adjusting with changes to the Wall Street Journal Prime Rate.
APR = Annual Percentage Rate
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1Applicant must carry insurance on the property that secures a Home Equity Line of Credit.
2Consult a tax advisor.