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

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Save more with no closing costs!

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up to 90% for primary homes

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Pay interest on only the funds you use for 10 years

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Use funds over and over as you pay down your balance

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Receive personalized service right from a CFCU team member

Effective March 29, 2023

Home Equity Loans

+ 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, in the State of Michigan. Rates are subject to change without notice and are variable. The minimum rate that may be imposed is 5.50% APR. The maximum rate that may be imposed is 14.00% APR. You must pay certain fees to third parties to the originated Home Equity Loan. 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, and flood insurance may be required. Non-members will be charged a $10 new membership fee upon account opening.