Michigan Schools & Government Credit Union
Michigan Schools & Government Credit Union
Michigan Schools & Government Credit Union Go to main content
Home > Loans & Insurance> Home Equity Loans

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
4.25%
Variable - 90% Loan-to-Value 10-year draw period;
15-year repayment
5.00%

*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.

Home Equity Loan

After all the years of paying for your dream home, now it's time to let your home pay for your dreams.

With a Home Equity Loan from Michigan Schools and Government Credit Union, you can get the money you need to finish your basement, add an addition onto your home, or even pay for college. It's one more option to setting yourself on the path to financial success. 

  • Competitive fixed rate
  • Closed-end loan up to 20 years
  • Borrow up to 90% of home's equity
  • Zero application fee
  • No closing costs option
  • No annual fee
  • Interest paid is usually tax-deductible*
  • Choose where you want to close - at home, work, anywhere
  • Quick and easy process

Check with one of our Mortgage Specialists to determine if this option is right for you. 

*Consult your tax advisor regarding deductibility.

Home Equity Loan
TypeTermAPR* as low as
Fixed - 80% Loan-to-Value 1-20 Years 3.75%
Fixed - 90% Loan-to-Value 1-10 Years 4.50%

Example: A loan amount of $10,000 at 120 months with up to 80% Loan-to-Value and a rate as low as 3.75% would be approximately $100.09.

*Annual Percentage Rate. Rates may vary, based on term, credit history, collateral, and whether this loan will serve as a first or second lien. Contact MSGCU for details.