Home Equity Loan Options
FinancialEdge Credit Union offers Home Equity Loans to qualified borrowers. Your home’s equity is calculated by subtracting any mortgages or liens from the market value of your home. It is an asset you can tap into for financing whatever your life may need. Whether that be significant home improvements, a vacation, school costs, or debt consolidation - we have options for you.
- Home Equity Loan - receive funds as a lump sum with a fixed interest rate; sometimes called a second mortgage.
- Home Equity Line of Credit (HELOC) - a credit line that allows you to draw funds as needed. If you want to upgrade your home over a long period continuously, a HELOC is probably right for you.
- Interest-Only Home Equity Line of Credit (HELOC) - a credit line that allows you to pay only interest during the draw period. Interest-only payments will not repay the principal that is outstanding on your line.
Please call our loan department at (989) 892-6088 or visit us to discuss your home equity loan options.
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