HOME EQUITY LINE OF CREDIT

 

Access your home’s equity! A Home Equity Line of Credit (HELOC) is the smartest way to get home improvements checked off your to do list by using the equity in your home. For a limited time, get zero closing costs* when you apply for a Home Equity Line of Credit. 

 

How do I use a Home Equity Line of Credit?

A few ways include: taking a vacation, consolidate your debt, money for medical bills, cover college costs, add a home office or update your kitchen and bathroom.     
  


     

A Line of Credit To Fit All Your Needs.

   
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GET MORE

Get a revolving line of credit to draw from for 10 years without reapplying

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$0 CLOSING COSTS*

Save more with no closing costs!
 

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ACCESS YOUR HOME'S EQUITY

up to 90% for primary homes

 
 
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YOU'RE IN CONTROL 

Pay interest on only the funds you use

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MULTIPLE USES

Use funds over and over as you pay down your balance
 

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PERSONALIZED SERVICE

Receive personalized service right from a CFCU team member



    
  APPLY TODAY                     HAVE A QUESTION?
Effective August 17, 2022

Home Equity Loans

  APR*
Home Equity Line of Credit 4.75%
Closed End Home Equity Click Here to View Rates from our partner, Mortgage Center

*APR = Annual Percentage Rate. Rates shown are best available, based on 80% loan-to-value and are based on credit history. The rate is variable and subject to change without notice. Loans requested for more than 80% of collateral value may be subject to a higher rate of interest. Home Equity Lines of Credit are available on primary residences only. Rates are subject to change without notice and are variable. Maximum rate that can be applied is 14.00% APR. Non-members may be charged a $10 new membership fee upon account opening. Members refinancing existing Christian Financial Credit Union loans are subject to a higher rate of interest. Contact CFCU for more information.  ​​Click here for more information on Home Equity loans from the Federal Reserve.
+ What is the difference between a Home Equity Loan and A Home Equity Line of Credit? 
- A Home Equity loan provides the borrower with a lump sum amount that comes with fixed payments and fixed interest during the term of the loan. A Home Equity Line of Credit (HELOC) is a revolving line of credit that features variable interest rates and, therefore, variable minimum payments. With a HELOC, you pay interest only on the funds you use.

+ What is the purpose of this type of loan? 
- This type of loan can be used to fund home improvements, renovations, updated appliances, fund higher education, refinance high-interest rates or consolidate all debts into one easy monthly payment. As interest is only charged on the amount used, if the expense is lower than expected, you will not be charged interest on the remaining funds.

+ Is Private Mortgage Insurance (PMI) required?
- Christian Financial Credit Union does not require additional PMI, but borrowers must maintain their current homeowners' insurance. A Home Equity Line of Credit loan is considered a second mortgage, therefore no additional PMI or escrow account is required.

+ How can I access my funds?
- Members can use their Home Equity Line of Credit via online banking or our ChristianFCU Banking app. Or you can visit a branch to take out funds.

+ Is there a penalty for making pre-payments or paying off my Home Equity Line of Credit early?
- Members are able to pay off early and close or pay down their HELOC to zero and still have the funds available with no penalty. 

+ Is the interest I pay on my Home Equity Line of Credit tax deductible? 
- The interest you pay may be tax-deductible, depending on how you use the funds and other factors. A tax advisor can provide details and information regarding your specific situation and advance.  

+ What other restrictions apply to this type of loan? 
- Our home equity line of credit product is only available on primary residences. 
*Christian Financial waives fees on Home Equity Lines of Credit up to $75,000 for Collateral Valuation (including appraisal if required), Credit Report, Flood Certification, Junior Title Policy, and Mortgage Recording. Applicant pays appraisal fee which is fully reimbursed at closing if loan approved and the loan closes within 45 days of application. Offer may be discontinued or changed at any time. Home Equity Lines of Credit are available on primary residences only. Rates are subject to change without notice and are variable. Non-members may be charged a $10 new membership fee upon account opening. The minimum rate that may be imposed is 4.00% APR. The maximum rate that may be imposed is 14.00% APR. You must pay certain fees to third parties to open the plan. These fees generally total between $0.00 and $1,000. If you ask, we will provide you with an itemization of the fees you will have to pay third parties. Property insurance is required.
 
 
Contact Us:

35100 Van Dyke Ave
Sterling Heights, MI 48312

586.772.6330

CFCU Routing & Transit Number: 272484289
 
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Christian Financial Credit Union was founded in 1950 and has grown to serve anyone who lives, works,
worships or goes to school in Macomb, Wayne, Oakland and St. Clair Counties. 
 
© 2006-2022 Christian Financial Credit Union  All Rights Reserved.
Federally insured by the NCUA
Equal Housing Opportunity Lender