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 3.00% APR* as of 03/01/2017.
We Make Money Simple with the following Features & Benefits:
- Competitive rates.
- No hidden costs or yearly fees.
- Interest rate based on Prime + Margin (determined by your FICO score).
- Minimum loan amount: $10,000; Maximum loan amount: $100,000.
- Minimum interest rate is 3% and maximum is 15% - rate cannot increase more than 2% annually.
- Initial minimum draw amount: $1,000.
- Minimum subsequent draw amounts: $100.
- Monthly payment amount is $14 per thousand, with a minimum payment of $70.
- Variable interest rate with changes occurring on the 1st day of the following month after a change in Prime Rate.
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