With a "Prime Home Equity" Line of Credit Loan from DCECU, you can complete home improvements or a home addition, purchase a new car, pay for college tuition, consolidate existing bills and more.

With this type of equity loan, the interest rate varies on a quarterly basis with the Wall Street Journal® prime rate +0%. Likewise, your payment will vary at the rate of $18 per $1,000 based on your outstanding balance with a minimum payment of $54.

Although interest rebates are not guaranteed, our "Prime Home Equity" Line of Credit Loan also qualifies for a potential year-end rebate.
 
Product Profile:
Details
Eligible Property Types:
Owner occupied principal residence located in the State of Michigan.
Loan Amounts:
Up to $100,000. Certain loan limits may apply.
Closing Costs:
There are no closing or application fees for this loan unless there are special circumstances or you would like a new full appraisal on your home for maximum borrowing power.
Prepayment Penalty:
None.
Down Payment/
Equity Requirements:
We will lend up to 90% of appraised value or double the State Equalized Value less the balance on your first mortgage, if any; Private Mortgage Insurance is not available with this type of loan.
Interest Rate:
The interest rate varies quarterly based on the Wall Street Journal® Prime Rate + 0% in effect on the 25th of the month preceding the end of the calendar quarter.
Tax Savings:
While you should always check with your tax advisor to see if you qualify, the interest that you pay on the loan may be tax deductible.
Credit Life Insurance:
Available separately through MEMBERS Financial Services Center only at DCECU.
Escrow for Taxes & Insurance:
Not available.