Image Of Model House In Hands For Home Equity Loan Company - Community Choice Credit Union

Home equity loans made for your Michigan home

For a limited time, Community Choice is waiving up to $500Φ in fees and closing costs on any home equity loan or home equity line of credit.
 

Do you want to remodel your home? Maybe you need money because of an unexpected expense, such as an expensive vehicle repair or a broken furnace. No matter what your situation, if you own your home, you could qualify for a home equity loan or line of credit. 

Here at Community Choice Credit Union, Home Equity Specialists can walk you through the application process and help determine which home equity loan type is useful for your situation. Call us today at 877.243.2528 or visit one of our conveniently located member centers.

Home Equity Loan Fixed Rate (Closed End) APR* As Low As
5-Year Home Equity 1 4.99 %
10-Year Home Equity 2 4.99 %
15-Year Home Equity 3 5.99 %

Actual rate based on loan-to-value of collateral and credit worthiness.

Home Equity Line of Credit APR* As Low As
HELOC with no annual fee, origination fee,
or pre-payment penalties.
Variable rate as low as 4.25 %
Combined loan-to-value up to 80%
Variable rate is subject to change monthly, based on the prime rate and margin. Maximum Annual Percentage Rate is 18.00%. Other terms and conditions may apply.

 

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Home equity loan

A home equity loan is based on the value of your house, minus what you still owe on it. So if your house is appraised at $400,000, and you owe a lender $150,000, your home equity is $250,000. A home equity loan acts like a second mortgage for the equity of your home. Some common uses for home equity loans include: home repairs, home remodeling, vacations, and car purchases. 

Home equity line of credit

A home equity line of credit uses the value of your home to provide a line of credit that can be utilized as you need it. If you aren't sure of the exact amount you may need for a home improvement project or unplanned expense, a home equity line of credit provides flexibility to draw on the credit as you need it.

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φCommunity Choice will apply up to $500 off closing costs and fees on any home equity loan or home equity line of credit. This is a limited time offer and is subject to change at any time. Investment properties are excluded. Mortgaged property must be located in Michigan. Rate offered will be based on applicant’s credit history and worthiness, term and amount financed and loan-to-value of collateral. Member must have sufficient income to cover debt. Minimum loan amount = $5,000. Offer not valid on refinancing of existing Community Choice Credit Union loans. Other terms and conditions may apply. Contact us for more information.
 
 
 

Effective 11/01/15 
*All rates are disclosed as Annual Percentage Rates. Your rate will be based on your credit history, approximate term, and security offered. A loan officer will let you know the rate you qualify for after reviewing your application documents. 50% basis points will be added to the APR for refinances of existing credit union loans. 

1  60  monthly payments of $18.88 per $1,000 borrowed. 
2  120  monthly payments of $10.61 per $1,000 borrowed. 
3  180  monthly payments of $8.44 per $1,000 borrowed.

Rates subject to change without notice and are for informational purposes only. For details or latest rate information, contact a credit union representative.