A Home Equity Line of Credit is money for a new addition.
Or college tuition.

  • Money available as a revolving line of credit
  • Draw on money for up to 10 years, repay over 15 years
  • Access money by transferring to your checking account through Online Banking
  • No closing costs or application fees

Offering a flexible interest-only option.

  • IO-HELOCs are best for funding big plans in the short-term, while budgeting for the future
  • All of the benefits of a regular HELOC with lower, interest-only payments
  • No annual fee
  • No minimum draw requirements

Applying for a HELOC or IO-HELOC at Michigan Schools and Government Credit Union is a quick and easy process. We can hold the closing at your home, your place of business or wherever is most convenient for you. Another advantage is that interest paid on the loan may be tax deductible. Consult your tax advisor for more details.

Home Equity Line of Credit (HELOC)
TypeTermAPR* as low as
Variable - 80% Loan-to-Value 10-year draw period;
15-year repayment		 8.50%
Variable - 90% Loan-to-Value 10-year draw period;
15-year repayment		 9.25%

*APR = Annual Percentage Rate. Rates may vary, based on term, credit history, collateral, and whether this loan will serve as a first or second lien. Variable rates are tied to market index (or prime rate), not to exceed 18.0% APR. Minimum initial credit advance required based on credit limit. $75 annual fee may apply and third party fees paid by MSGCU to be reimbursed up to $500 if line of credit is closed within 36 months of loan opening. Michigan properties only.

 

Interest-Only Home Equity Line of Credit (IO-HELOC)
TypeTermAPR* as low as
Variable - 80% Loan-to-Value 10-year draw period;
15-year repayment		 8.50%
Variable - 90% Loan-to-Value 10-year draw period;
15-year repayment		 9.50%

*APR = Annual Percentage Rate. Rates may vary, based on term, credit history, collateral, and whether this loan will serve as a first or second lien. Variable rates are tied to market index (or prime rate), not to exceed 18.0% APR. No initial credit advance required. No annual fee. Interest calculated on current balance only. Interest-only payments are not applied to loan principal. Third party fees paid by MSGCU to be reimbursed up to $500 if line of credit is closed within 36 months of loan opening. Michigan properties only.