Home Equity Financing Options
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Two Ways to Borrow*
Home Equity Line of Credit
A Home Equity Line of Credit makes a maximum loan amount available to you so you may access the funds when you need it, much like a credit card, but without the card.
Interest-only minimum monthly payments
Lines from $10,000 to $250,000
Borrow up to 85% of your home’s equity
Five-year draw period to access credit
Easy access by phone, Internet or with checks
Fixed-Rate Home Equity Loan
A Fixed-Rate Home Equity Loan provides you with a maximum loan amount that you pay fixed monthly payments over a set period of time. It's ideal if you need to borrow for a one-time purchase like a home improvement project.
- No annual fee
- Borrow from $10,000 to $250,000
- Borrow up to 180 months
- Borrow up to 85% of your home’s equity
Both the Home Equity Line of Credit and the Fixed-Rate Home Equity loan provide savings that add up.
- No pre-payment penalties
- No application fees
- Tax breaks (for more information, consult your tax advisor)
Not sure which Home Equity option is best for you?
One of our loan specialists can help you determine which type of home equity loan is right for you contact DFCU Financial for more information.
*Applicable 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.