Home Equity Loan
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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
Home Equity Line of Credit (HELOC)
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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

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

The Consumers Credit Union mobile loan calculator tool on an iPhone.
FastApp Home Loan App
The Consumers Credit Union mobile loan calculator tool on an iPhone.
  • Upload documents
  • Stay up-to-date throughout the home loan process

Download now to apply to for a Home Equity Loan or Home Equity Line of Credit with ease.

Features
  • 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
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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 February 21, 2024.  The plan will convert to variable rate after the first 12 months. The APR is based on the WSJ prime rate (currently 8.50%) 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 hazard insurance will be required.