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.
Home Equity Line of Credit (HELOC)
Put Your Home's Equity to Work—When You Need It
Whether you're planning home improvements, consolidating debt, covering college expenses, or preparing for unexpected costs, a Home Equity Line of Credit gives you flexible access to funds using the equity you've built in your home.
At Downriver CU, we'll help you choose a solution that fits your goals and your budget.
Helping People Use Money to Accomplish Great Things!
Rates As Low As 7.25% APR*
Why choose a HELOC?
This option is best for members who want ongoing access to funds and the flexibility to borrow only what they need, when they need it.
Great For:
- Home improvement projects completed over time
- Unexpected expenses
- Debt consolidation
- College tuition costs
- Emergency funds
- Major life events
Why Members Choose a HELOC
- Borrow up to 100% of your home's value.
- No annual fees.
- Easy access through Online Banking.
- Borrow only what you need, when you need it.
- Low monthly payment of $70 or 1.4% of the outstanding balance, whichever is greater.
- Flexible borrowing and repayment.
- Rate increases limited to 2% annually.
- Simple guidance from a Downriver CU Home Loan Specialist.
Loan Details
- Minimum loan amount: $10,000.
- Maximum loan amount: $100,000.
- Initial minimum draw amount: $1,000.
- Minimum subsequent draw amount: $100.
- Variable interest rate based on Prime + Margin, determined by your FICO score.
- Rate changes occur on the 1st day of the following month after a change in the Prime Rate.
- Minimum interest rate is 3%; maximum interest rate is 15%.
- Underwriting and appraisal charges may apply.
Not sure whether to choose a HELOC or a Fixed Rate Home Equity Loan?
A HELOC may be a good fit when you expect expenses over time and want ongoing access to funds. A Fixed Rate Home Equity Loan may be a better fit when you know exactly how much you need and want predictable monthly payments.
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. 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.
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