Home equity loan amounts are based upon the appraised value of your home.
Two ways to borrow.
A home equity line of credit works much like a credit card. You're given a maximum loan amount, and that amount is available to you when you need it. You can make purchases and pay them off as you choose. You access your line by either transferring funds to your checking account online or by phone, or by writing a check.
- Rates as low as the Prime Interest Rate
- Interest-only minimum monthly payments
- Lines from $10,000 to $250,000
- Borrow up to 85% of your home’s equity
- Five-year time period to access credit
- Easy access by phone, Internet or with checks
The fixed-rate home equity loan is ideal if you need to borrow for a one-time purchase. You get one lump sum, which you pay back with regular monthly payments over a set period of time.
- Low fixed rate
- Fixed monthly payments
- Reduce your rate through automatic payments from your checking account
- Borrow from $10,000 to $250,000, up to 180 months
- Borrow up to 85% of your home’s equity
Savings that add up.
- No Pre-Payment Penalties
- No Application Fees
- No Annual Fees
- Tax Break (For more information, consult your tax advisor)
Loan Payments.
You can make home equity loan payments from your interest checking or savings account. Or visit us in person, at any DFCU Financial ATM or through DFCU Online.
Appplicable rate varies depending on member's credit qualifications. Credit limit based upon credit qualifications and loan-to-value ratio (up to 85% of fair market value of Michigan primary residence less other liens). Terms are subject to change without notice. Property, title and/or flood insurance, if applicable are required.