Home Equity Options
At Downriver CU, the equity in your home can be used to help you accomplish great things! Whether you need to borrow funds for home improvements, college tuition, consolidate bills, finance your next new or used vehicle, or any other purchase, a home equity loan is your key to borrowing power!
You have the choice of either a Fixed Rate Equity Loan or a Home Equity Line of Credit, Our home loan specialist will help guide you to the best option for your particular needs, mainly depending on the amount requested, the use of funds, and the expected payback timeframe.
A Downriver Credit Union Home Equity Line of Credit (also referred to as a HELOC) provides a great source of revolving credit using the equity in your home!
Rates As Low As 8.50% APR*
We Make Money Simple with the following Features & Benefits:
- Borrow up to 100% of the value of your home
- No annual fees. Underwriting and appraisal charges may apply.
- 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.
For more information or to apply, please contact a home loan specialist 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 cost and rate information is available at the Credit Union.Go to main navigation