Home Equity Options
Put the Equity in Your Home to Work
Big goals deserve simple solutions.
Whether you're renovating your home, paying for college, consolidating debt, or covering life's unexpected expenses, your home's equity can provide the financial flexibility you need.
At Downriver CU, we're here to help you choose the option that best fits your goals and your budget—so you can focus on what matters most.
Helping People Use Money to Accomplish Great Things!
What Can You Use Home Equity For?
- Remodel your kitchen or bathroom
- Make home repairs and improvements
- Consolidate higher-interest debt
- Pay for college expenses
- Purchase a vehicle
- Cover major life events
- Create a financial safety net
Choose the Option That's Right for You
You have two flexible ways to access your home's equity. Whether you prefer the stability of a Fixed Rate Home Equity Loan or the flexibility of a Home Equity Line of Credit (HELOC), our Home Loan Specialists will help you determine which option best aligns with your goals and repayment plans.
We're Here to Help
Not sure which option is right for you? Our experienced Home Loan Specialists are ready to guide you every step of the way.
Ready to get started? Apply today or contact us to speak with a Home Loan Specialist.
Fixed Rate Home Equity Loan
Turn Your Home's Equity Into Something Great
Whether you're renovating your home, consolidating debt, paying for college, or funding a major expense, a Fixed Rate Home Equity Loan gives you the confidence of predictable monthly payments and a fixed interest rate.
At Downriver CU, we'll help you find the solution that fits your goals and budget.
Helping People Use Money to Accomplish Great Things!
Rates As Low As 6.49% (APR)*
Why choose a Fixed Rate Home Equity Loan?
This option is best for members who know exactly how much they need and want the confidence of a payment that stays the same.
Great For:
- Home improvements and repairs
- Debt consolidation
- College tuition expenses
- Vehicle purchases
- Major life events
- One-time expenses with a known cost
Why Members Choose a Fixed Rate Home Equity Loan
- Fixed interest rate for added peace of mind.
- Predictable monthly payments.
- Borrow up to 80% of your home's value.
- Choose repayment terms of 10 or 15 years.
- Confidence that your payment won't change.
- Simple guidance from a Downriver CU Home Loan Specialist.
Loan Details
- Minimum loan amount of $25,000.
- Payment amortized over your choice of either 10 or 15 years.
- Underwriting and appraisal charges may apply.
- Approval subject to loan-to-value and credit score requirements.
Not sure whether to choose a Fixed Rate Home Equity Loan or a HELOC?
A Fixed Rate Home Equity Loan may be a good fit when you have a specific project or expense in mind. If you want ongoing access to funds over time, a HELOC may be worth exploring.
Ready to Get Started?
Apply online today or contact a Home Loan Specialist for guidance.
For more information or to apply, please contact a Home Loan Specialist at 313-386-2200 ext. 1137.
*APR refers to Annual Percentage Rate. Approval subject to 80% Loan-to-Value (LTV) and minimum credit score requirements. A $500 fee covers underwriting and appraisal costs. Complete cost and rate information is available at the Credit Union.
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