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)|
|Type||Term||APR* as low as|
|Variable - 80% Loan-to-Value||10-year draw period;
|Variable - 90% Loan-to-Value||10-year draw period;
*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.