Home Equity Products
Wolverine State Credit Union is proud to offer you a way to access the equity in your home with a variety of options. We offer Home Equity Line of Credits (HELOCs) with both fixed and variable rates and a Home Equity Closed-End loan with a fixed rate. Home Equity Line of Credits and Home Equity Loans are tools to utilize the equity in your home without having to refinance a mortgage. These products are designed to give WSCU members flexible, low interest financing when they need it most.
Whether you own your home free & clear or have a mortgage, our line-up works for everyone. Primary, Secondary and Investment properties are eligible with a Loan-to-Value up to 80%. We offer an option to close in-office with a Mortgage Officer or at a title company, you choose!
Reasons to use Home Equity Products:
- Home Improvement Projects
- Debt Consolidation
- College Tuition
- Emergency Funds
- So much more!
Home Equity FAQ’s
What is the difference between HELOCs and Home Equity Loans?
HELOCs are lines of credit that allow you to take draws over a period of time. Home Equity Loans disbursed all at once and do not allow multiple draws.
What is the difference between your Fixed Rate & Variable Rate HELOCs?
Both offer a 5 – year draw period and 10 – year repayment period, up to 80% Loan-to-Value and low closing costs. Our fixed rate is just that, your interest rate will not change over the life of the loan. However, the variable rate HELOC is linked to the WSJ Prime Rate and will change when that does throughout the life of the loan.
Do credit unions charge a prepayment penalty?
Not at Wolverine State Credit Union! We like to keep things simple for our members.
Can I use Social Security for income on my mortgage application?
Yes, so long as the social security income is going to continue. You will need to provide your most recent Social Security Award letter OR account statements showing direct deposit.
How can I use my HELOC?
Wolverine HELOCs can be used for whatever you need. You can transfer funds through online banking from the HELOC to your checking account and use your Wolverine debit card to make purchases. Call us to do a phone transfer for you or cut a cashier’s check to send for you. Or stop at any of our branches – drive thru or inside – to withdraw cash directly from the HELOC.