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.

Are you looking to remodel your home? Maybe you need money for an expensive vehicle repair, or to replace a broken furnace. Regardless of your situation, we have a product that will fit your financial needs.

Our 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.


Introducing FlexChoice Home Equity Line of Credit

The FlexChoice Home Equity Line of Credit uses the value of your home to provide a line of credit that can be utilized as needed. Plus, it provides you with the flexibility to segment off a portion of your balance into a fixed rate and term when you choose. With an introductory rate as low as 2.99% APR*, FlexChoice is a smart way to get funds when you need them to pay for travel, emergencies, home improvement projects and more.



FlexChoice Home Equity Line of Credit APR* As Low As                                      
5, 10, 15, 20-Year HELOC 2.99 % 
Home Equity Loan Fixed Rate (Closed End) APR* As Low As
5-Year Home Equity 1 3.99 %
10-Year Home Equity 2 4.24 %
15-Year Home Equity 3 4.49 %

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 4.50 %
Combined loan-to-value up to 90%
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.

*APR=Annual Percentage Rate. Intro rates are subject to change without notice. Rate offered will be based on applicants credit history and worthiness, term and amount financed and loan-to-value of collateral. Qualifying rate will be determined upon review of application. After introductory rate expires, variable APR is subject to change monthly based on the Prime Rate and margin. Maximum APR is 18.00%. No pre-payment penalty or application fee. Minimum payment is 1.5% of the balance due. Each fixed rate line requires a $75 or 1.0% of the line balance processing fee. Other terms and conditions may apply.


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.