Home Equity Loan | MI Credit Union Home Equity Loan Rates

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) offered by UMCU can be a powerful tool for paying for large expenses, including home improvements, college expenses, debt consolidation, and more! You have the flexibility to use your line of credit when and how you want.*

A HELOC is a type of “revolving” credit account that has a credit limit, a variable interest rate, and is secured by the equity in your home. Your home’s equity is the difference between its market value and the amount you still owe on your mortgage.

Completely fee-free
- No application fee
- No recording fee
- No credit report fee
- No closing costs**
- No annual fee
Borrow up to 95% of your homes equity*** less any current mortgage balance
Competitive interest rates
Conveniently access your funds with a Visa card, online banking tools, or checks
May be tax deductible
10-year draw period followed by 15-year repayment period
Interest only payments during 10 year draw period
Loan payment protection coverage available to protect your family, assets and credit

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For questions, please email [email protected]. Do not provide any personally identifiable information in the email. NMLS#712343

Insured by the NCUA

*Subject to credit approval; normal credit standards apply. Additional limitations, terms, and conditions apply, and are subject to change without notice. Annual fee and prepayment penalty is $0.00. Variable APR as low as 7.50%. Maximum APR is 13.75%. Credit limits up to $750,000 (Investment properties limit up to $49,900). For new members, a UMCU share savings account with a $5 deposit must also be opened and subject to credit approval. Property must be located in Michigan. Property insurance required. Flood insurance may be required. Contact UMCU at 800-968-8628 or visit umcu.org for more information about credit costs and terms. NMLS #712343.
**Remote closing options available for a fee.
***To determine the equity in your home: it is the value x 95% less any current mortgage.

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What our members are saying

We've refinanced our mortgage a few times and have had a couple home equity loans with UMCU. It has always been easy to get these done and the staff is very helpful. M.B., Member Since: 1987

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