Home Equity Loans & HELOC
Tap into Your Home’s Value
Need financial help with remodeling your home, personal loans or even a vacation? We have you covered! With a Consumers Credit Union home equity loan or home equity line of credit (HELOC), you get access to cash when you need it at a great, competitive rate. We accept applications from individuals who have an individual taxpayer identification number (ITIN) as well as those who have social security numbers.
For a limited time, we're offering an introductory 5.99% APR* for 12 months HELOC! After which, the rate will adjust to as low as 7.00% APR.
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The Rundown
Home equity loans are a fixed rate loan for specific, one-time costs, based upon the current value of your home. Available to any Michigan resident who currently owns a home.
- Interest may be tax deductible
The Rundown
Home equity lines of credit, also known as HELOC, are a flexible open line of credit that can be used and paid for on an ongoing basis. Available to any Michigan resident who currently owns a home.
- Interest may be tax deductible
- Can link directly to your checking account as overdraft protection
- Rates typically less than credit cards
- If not using any funds, there are no charges
- Can be used in many different ways
Rates and terms
Draw Period - 10 years; variable rate and payment, including interest-only
Repayment Plan - 20 years; variable rate and payment; principal and interest payments
- Upload documents
- Stay up-to-date throughout the home loan process
Apply for a Home Equity Loan or Home Equity Line of Credit with ease today!
- Home loan resources and calculators to compare options
- Fast, local lending decisions
- Direct texting to your loan officer
- Scan and upload documents
- Track your loan’s status 24/7
Home Equity Loan vs. HELOC – Which Is Right for Me?
| Home Equity Loan | Home Equity Line of Credit (HELOC) | |
|---|---|---|
| How it works | A fixed-rate loan for a specific, one-time cost | A flexible line of credit you can use and repay on an ongoing basis |
| Rate type | Fixed rate | Variable rate |
| Access to funds | Designed for a defined funding need | Provides ongoing access to available credit during the draw period |
| May be preferable if … | You have a specific, one-time expense and prefer the predictability of a fixed-rate loan | You want flexibility to borrow over time or expect expenses to occur at different times |
| Good fit for | A project or expense where you know how much financing you’ll need upfront | Ongoing or less predictable expenses where you may not need all the funds at once |
| Availability | Michigan and some Indiana homeowners | Michigan and some Indiana homeowners |
| HELOC term structure | N/A | 10-year draw period, followed by a 20-year repayment period |
When it comes to financing tools, a home equity line of credit (HELOC) is one of the most flexible options for homeowners. Consumers members may consider a HELOC for home remodeling and other major expenses, which allows them to borrow and repay funds during the draw period.
Get your latest credit score and report, an understanding of key factors that impact the score and personalized offers.
All loans subject to approval. Rates, fees and terms subject to change and may be terminated at any time. Consult a tax advisor regarding the deductibility of interest.
*This promotional, introductory Annual Percentage Rate (APR) applies only to new loans and collateral. Rate is effective as of November 15, 2026. The plan will convert to variable rate after the first 12 months. The APR is based on the WSJ prime rate (currently 7.00%) and may adjust monthly. After the introductory period, the APR can range from 3.25% to 22.99%. Approval and rate may vary based on credit history, term and security offered. Minimum qualifications for the introductory rate include 85% maximum combined loan to value and a minimum credit score of 660. Other restrictions may apply. Early termination fee of $300 if closed within first 24 months. Loan programs, rates, terms and conditions are subject to change at any time without notice. Third party closing fees may apply; contact us for a good faith itemization of such fees. Proof of acceptable homeowners insurance will be required. Promotional Rate effective for loans closing on 2/2/26 or after.
