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Home Equity Loans are available to you at these low Annual Percentage Rates (APR):
|Up To 60 Months||
|Up To 120 Months||
|Up To 180 Months||
The maximum amount of this loan will be 80% of the appraised value, minus the first mortgage. For home equity loans less than $40,000.00, the State Equalized Value times two may be used instead of an appraisal. The minimum loan amount is $5,000.00. Home equity loans shall be offered at a fixed rate of interest.
Closed End Loans
Closed end home equity loans can be granted for terms not to exceed 180 months.
The Credit Union may require a non-refundable application fee that may be determined form time to time. All closing costs incurred by the Credit Union will be passed on to the member including but not limited to:
Actual cost of title insurance in the amount of the mortgage
Actual cost of appraisal, if necessary
Actual cost of property survey, if necessary
Attorney fees and all recording fees
- The property will be within the State of Michigan
- The Property will be the applicant's residence of no more than four units.
- The maximum amount of acreage to be considered will be 10 acres.
No unimproved acreage will be considered.
Approved: January 14, 2008