Home Equity Loan vs. Line of Credit
Home Equity Line of Credit (HELOC)
A HELOC works similarly to a credit card -- you use only the funds you need when you need them:
- Variable rate of interest that adjusts with the Prime Rate
- Minimum payment varies based on how much of your line you've used
- Access your funds through online banking, mobile banking or bank supplied check
Home Equity Loans
With a standard home equity loan, you receive the entire amount of the loan in one lump sum at closing:
- Fixed interest rate
- Fixed payments of principal and interest
Limited Time Offer!
$0 Closing Costs on Home Equity Lines!*
- Rates as low as 3.75% APR*
- No closing costs
*Annual percentage rate (APR) is variable and based on The Wall Street Journal Prime Rate (“Prime”). The best rate is Prime - 1.25% (3.75% APR as of 6/14/18). Loan is subject to credit approval and property securing the loan must be properly insured. Rate listed is for a minimum line of credit of $75,001 with first lien position, 50% loan to value and minimum credit score of 780. Additional rates and terms available. Early termination fee of $395 may apply if closed before the end of each 36 month draw period. Eastern Michigan Bank NMLS # 513935. No closing costs offer may end at any time. Minimum loan amount is $10,000.