Make the equity in your home WORK for you!
Wolverine State Credit Union is proud to offer our members a new way to borrow through our Home Equity Loan options. A Home Equity Loan is a loan which members can use the equity in their homes as collateral without having to refinance a mortgage. These products are designed to give WSCU members flexible, low interest financing when they need it most.
The Home Equity Loan options available include a Home Equity Line of Credit, also known as a HELOC, with both fixed and variable rates, and a Home Equity Closed-End loan with a fixed rate. Whether you own your home free and clear or have a mortgage, these loan products would work for you! We offer the option to close in-office with a Mortgage Officer or at a title company!
Let’s take a deeper dive into the different Home Equity loan options.
Fixed Rate HELOC
We wanted to blend the new with the old on this option. Sometimes you want a product that is flexible but want to be conservative, this is exactly what we built with the Fixed Rate HELOC. Members can use funds when they need them with a 5-year draw period followed by a 10-year repayment period and the interest rate stays the same the entire time! During the draw period payments are interest only but you are welcome to put more on the principal anytime.
Variable Rate HELOC
This loan was built to be flexible and used when when the funds are needed! These HELOC rates are variable, which means their interest rate is directly linked to the Prime Rate and will change when it does. Members have a 5-year draw period followed by a 10-year repayment period. During the draw period payments are interest only but you are welcome to put more on the principal anytime.
Home Equity Closed End Loan
This loan is also known as a Second Mortgage. Our Home Equity Closed End Loan has a 10-year fixed term and fixed interest rate. These are typically used when you need a lump sum all at once for a large project or debt consolidation.
Reasons to use Home Equity Products
Funds from our HELOC or Home Equity Closed End Loan can be used on anything. There are no restrictions on how the money is spent. Common uses include:
- Home Improvement Projects
- Debt Consolidation
- College Tuition
- Emergency Funds
- Vehicle Repairs
- Medical Bills
The options are endless. Is a Home Equity product a good fit for you? Call one of our mortgage loan officers today to learn more: 800-655-6508.