With a Single Advance Home Equity 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.

This type of equity loan provides you with the same monthly payment and interest rate throughout the life of the loan.

Although interest rebates are not guaranteed, our Single Advance Home Equity loans also qualify 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:
$195 paid up front at the time of application to be applied to our "out of pocket" expenses. There is an additional $100 cost if a new full appraisal on your home is required 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 Lock:
The lowest rate offered between application and closing provided closing occurs within 3 weeks of the approval date.
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.