Home Equity Line of Credit (HELOC)
A Downriver Credit Union Home Equity Line of Credit is your key to new borrowing power! Our members can use the equity they have in their home for borrowing funds for home improvements, college tuition, consolidate bills, finance your next new or used vehicle, or any other purchase.
Rates As Low As 5.25% APR*
We Make Money Simple with the following Features & Benefits:
- Borrow up to 100% of the value of your home
- No hidden costs or yearly fees.
- Low monthly payment of $70 or 1.4% of the outstanding balance, whichever is greater.
- Easy access using our online banking.
- Variable interest rate based on Prime + Margin (determined by your FICO score) with changes occurring on the 1st day of the following month after a change in the Prime Rate.
- Minimum interest rate is 3% and maximum is 15% - rate cannot increase more than 2% annually.
- Minimum loan amount: $10,000; Maximum loan amount: $100,000.
- Initial minimum draw amount: $1,000.
- Minimum subsequent draw amounts: $100.
All members who apply for a Home Equity Line of Credit during the month of September and close by Friday, October 18th, will be entered into our Grand Prize Drawing for a Smart Home Bundle!* (estimated retail value of over $1,000!).
The Smart Home Bundle includes the following items:
- Nest Hello Doorbell - Receive alerts, watch live video feed, and talk to your visitors from your smartphone.
- Nest Yale Lock - Lock and unlock your door from your smartphone, give unique passcodes to family and guests, receive alerts when someone locks and unlocks the door, keyless deadbolt for added security, door locks automatically when Nest knows you're away.
- Nest Thermostat - Change the temperature in your house from your smartphone, see how much energy you use and why from the Nest app.
- Nest Protect - Protect your family and home, detects levels of smoke and carbon monoxide within the home, tests itself automatically, receive alerts on your smartphone, links to the Nest Thermostat to automatically turn off your gas furnace if carbon monoxide is present.
- Google Nest Hub - Access your calendar, commute, and reminders on the home screen; watch the news, make your shopping list, place calls; control your smart devices; quickly ask and receive answers from Google; play your favorite music from YouTube, Spotify, and Pandora; access your Google Photos.
In addition to being entered into the Grand Prize Drawing, every eligible member* will also receive at closing a Philips Hue Bulb Starter Kit - Control the lighting in your home via your smartphone; turn lights on, off, or to the perfect dim setting.
*To be eligible, borrowers must apply by September 30th, and close by October 18, 2019. The drawing will be held on Friday, October 25, 2019.
For more information or to apply, please contact our Mortgage Department at 313-386-2200 x1137.
*APR refers to Annual Percentage Rate. Your individual APR will be determined based on your Credit Score and may be higher than the quoted rate. Complete rate information is available at the Credit Union.Go to main navigation