Home Equity Loans
Spending your savings on a major expense doesn’t always make sense.
For some homeowners, a better solution may be found with Dow Credit Union's home equity lending services. A Home Equity Line-of-Credit (HELOC)1 or a Single Advance Home Equity Loan can be used for major purchases, remodeling projects, home repairs, family emergencies, or to pay off a higher-rate debt. Plus, our Single Advance Home Equity loan is eligible for our potential year-end Loan Interest Rebate, which is a part of our nationally recognized Member Giveback.2
Dow Credit Union's local and friendly team of dedicated experts are proud members of the communities we serve. We take immense pride in helping our neighbors find the home of their dreams and achieve financial success.
Our home equity lending products offer loan amounts up to $250,000 and are available on primary and secondary homes located in the state of Michigan.3
- The HELOC Annual Percentage Rate (APR) may vary monthly, based on the Wall Street Journal prime rate minus 0.250%, as of the 25th of the previous month. The APR will not exceed 18.00% and will not fall below 3.250%. The HELOC has a 10-year draw period during which the minimum monthly payment is interest-only. Making interest-only payments may result in a significantly higher monthly payment once the loan enters the repayment period. After the draw period ends, the loan enters a 20-year repayment period, during which the outstanding balance is amortized. Additional restrictions may apply.
- While Member Giveback rebates and rewards occur with great regularity, this credit union benefit is not guaranteed. Not all loan and deposit products are eligible for Member Giveback consideration. Some limitations apply.
- Membership Required. All loans are subject to credit approval, including evaluation of creditworthiness, qualifications, and acceptable collateral. Eligible properties must be developed, non-agricultural, and non-income-producing residential homes located in Michigan. The maximum Combined Loan-to-Value (CLTV) is 90%. Additional restrictions may apply.
