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 4.50% APR* as of 03/01/2018.
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.
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. Appraisal fee is $300 due at application, and upon successful closing and initial draw taken, the fee will be refunded. Minimum FICO score of 640 is required for HELOC loans.Go to main navigation