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Home > Loans & Insurance> Home Equity Loans> Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC)

After all the years of paying for your dream home, now it's time to let your home pay for your dreams. It is a great way of setting your finances back on track.

With a Home Equity Line of Credit (HELOC) from Michigan Schools and Government Credit Union, you can make home improvements, pay for college tuition, buy a car, consolidate debt, or even take a vacation. Let our Loan Specialists help you select the financing option that's right for you. Call today!

  • Rates as low as Prime
  • Zero closing costs
  • Zero application fee
  • Variable rate
  • Open-end line of credit
  • Borrow up to 90%* of home's equity
  • Interest paid is usually tax-deductible*
  • 10-year draw period followed by 15-year repayment period
  • Choose where you want to close - at home, work, anywhere
  • Quick and easy process
  • Minimum advance requirements
  • Annual fee and early payoff fee may apply

*Consult your tax advisor regarding deductibility.

Home Equity Line of Credit (HELOC)
TypeTermAPR* as low as
Variable - 80% Loan-to-Value 10-year draw period;
15-year repayment
4.50%
Variable - 90% Loan-to-Value 10-year draw period;
15-year repayment
5.25%

*APR = Annual Percentage Rate. Variable APRs may change quarterly based on The Wall Street Journal Prime Rate and may increase. Maximum APR is 18.0%. $75 annual and $300 reimbursement fees may apply. Michigan properties only. Rates based on credit limit, combined loan to value (CLTV), and credit score.

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