A home equity loan line of credit (HELOC) lets you borrow a fixed amount, secured by the equity in your home, and you can receive your money in one lump sum or in separate amounts. Typically, home equity loans have a fixed interest rate, fixed term and fixed monthly payment. Get approved for up to 80% of your home’s value minus your current mortgage balance. Once a limit is established, you can borrow what you need when you need it. You do not have to use it all at the same time. Your payments are based on the amount you borrow. Your limit and the draw period on the line of credit is good for 5 years.
When it comes to comparing interest rates, a home equity loan has advantages over credit cards and other non-secured loans. Interest rates on home equity loans have historically been substantially lower than credit card and other non-secured loan interest rates. Most other types of loans carry no tax advantages. A Home Equity could offer some tax advantages. Ask your tax advisor to be sure.
When you need a new roof, it isn’t always easy to come up with the cash on the spot. A home equity loan could work for you. Maybe you just want to consolidate your debits. A home equity loan can be exactly what you need.
Our home equity payments are $10.00 per month per $1,000.00, or part of $1,000.00 with a minimum payment not less than $75.00. We have no pre-payment penalties. However, there will be some costs to you for the appraisal, title search and insurance. We use your home as collateral for the loan, therefore, pledging your home is a decision that should be carefully considered.
Call us for more information on our credit union's Home Equity Line of Credit Loan we offer in Wayne, Westland and the surrounding metro Detroit areas throughout all of Wayne County (within 60 miles of our branch) at 734-721-5700 and speak with any of our mortgage lending officers. You can also start your application by clicking the link below. A Representative will contact you once your initial application has been completed.