Home Equity Loans

Spending your savings on a major expense doesn’t always make sense.

A better solution for homeowners may be a Prime Home Equity Line-of-Credit (HELOC) or a Single Advance Home Equity Loan from DCECU. A HELOC or Home Equity Loan can be used for major purchases, remodeling projects, home repairs, emergencies, or to pay off higher-rate debt. Plus, they both qualify for the potential year-end Member Giveback and Loan Interest Rebate.

Both the Prime Home Equity Line-of-Credit and Single Advance Home Equity Loan offer loan amounts up to $250,000 and are available on primary and secondary homes.1

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Prime Home Equity Line-of-Credit

Effective January 1, 2016
Draw Period Rate APR2
10 years 3.500%3 3.500%3
  • Maximum Percentage Financed: 90%
  • Maximum Loan Amount: $250,000

Single Advance Home Equity

Effective May 16, 2016
Maximum Term Rate APR2
5 years 5.500% 5.500%
10 years 5.625% 5.625%
15 years 5.750% 5.750%
  • Maximum Percentage Financed: 90%
  • Maximum Loan Amount: $250,000
  • Loan example: Borrow $20,000 at 5.750% with 180 monthly principal and interest payments of approximately $166.08.
  1. Limited to developed, non-agricultural, non-income producing homes located within Michigan. Other loan limitations may apply. ↩︎

  2. APR = Annual Percentage Rate. APR based on a no point $100,000 loan with 80% loan-to-value. ↩︎ ↩︎2

  3. Varies quarterly based on the Wall Street Journal® prime rate + 0.00% in effect on the 25th of the month preceding the end of the calendar quarter. The potential maximum rate is 18.00%. ↩︎ ↩︎2