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Home Equity Lines of Credit

You Could Be Sitting on Flexible Financing

Did you know that the equity in your home could be the key to tackling those big home renovation projects or other large expenses?

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Rates Effective as of

December 3rd, 2024

Home Equity Line of Credit

APR*
as low as
Home Equity Line of Credit 6.75%

*APR = Annual Percentage Rate.ย Home Equity Lines of Credit are available on primary residences located in the State of Michigan only. 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 originate the 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.

Calculate your estimated borrowing capacity using a home equity line of credit

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Calculator results are estimates based on information you provide and Christian Financial does not guarantee your ability to receive these terms. Contact us for full terms and conditions.
Home Equity Choices

Whatever Your Goals, Weโ€™ve Got Loan Options for You

Looking for the dependability of a fixed-rate Home Equity Loan? We’ve got you covered. CFCU offers closed-end fixed rate Home Equity Loan through our partner, Mortgage Center.

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Credit Coach

Crush Your Credit

Knowing where you stand on your credit score is the first step in preparing to apply for a Home Equity Line of Credit

Credit Coach helps you monitor your score, simulate changes, and even improve or maintain your credit score, all from our mobile app.

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HELOC FAQs

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

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-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?

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- 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?

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- 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?

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- 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?

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- 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?

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- 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?

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-Our Home Equity Line of Credit product is only available on primary residences.

Apply Today!

*APR = Annual Percentage Rate. Home Equity Lines of Credit are available on primary residences located in the State of Michigan only. Rates are subject to change without notice and are variable. Rates may vary, based on credit history and collateral. 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 originate the Home Equity Line of Credit. 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.