Home Equity Loan

Let your home go to work for you.

Our Home Equity  promotion is back! 

Through the end of the month, all new home equity loan product applications are eligible to save $275**

The equity value you’ve built in your home could be a great way to finance a new car, home improvement projects or your child’s education. You decide.

Fixed-Rate Home Equity Loan (HEFT)

A fixed-rate loan product that uses the equity in your home to provide a "lump sum" loan amount you pay down with fixed monthly payments over a set period of time. It's ideal for a one-time home improvement project, large expenses or purchases.

HEFT features and benefits:

  • Instant loan decisions
  • Discounted interest rate available when you set up automatic payments from your DFCU checking account
  • No annual fee; no application fee
  • Borrow up to $500,000, or up to 90% of your home’s equity, whichever is less
  • Borrow up to 180 months
  • No pre-payment penalties
  • Earn Cash Back for bringing your loans to us

APR4 Max Fixed Term Max Variable Term Max CLTV
As low as 6.49% APR 60 Months N/A <=80%
As low as 7.24% APR 120 Months N/A <=80%
As low as 8.24% APR 180 Months N/A <=80%
As low as 7.24% APR 60 Months N/A >80% <=90%
As low as 7.99% APR 120 Months N/A >80% <=90%
As low as 8.99% APR 180 Months N/A >80% <=90%

Rates effective as of 6/2/2023

**For NEW Home Equity Line of Credit (HELOC) applications, the $50 Annual Fee will be waived for the first year and a $225 discount will be applied to the property appraisal fee. For NEW Fixed-Rate Home Equity Loan (HEFT) applications, a $275 discount will be applied to the property appraisal fee. Discounts apply to NEW home equity loan applications  submitted between 6/1 - 7/31/23. Promotion excludes existing DFCU home equity product refinances.

4Home equity loan or line of credit must be secured by a primary Michigan or Florida residence or a secondary lien on a Michigan or Florida vacation home and must be owner-occupied. Property, title and/or flood insurance, if applicable, are required. APR = Annual Percentage Rate. CLTV = Combined Loan To Value. Fixed-Rate Home Equity Loan: NO Annual Fee. 

Members receive a discount of .25% on the ANNUAL PERCENTAGE RATE (APR) for automatic payment. Applicable fixed rate loans listed above reflect the .25% rate reduction.