Home Equity Line of Credit Loans

Michigan Home Equity Loan (HELOC)

Home Equity Loans in Michigan

A home equity loan (HELOC) is a great option to access the equity in your home and use the cash for debt consolidation, major purchases, home improvements, or other expenses. With a HELOC, you can borrow up to 90% of the value of your Michigan home, and you can choose to repay the loan over a period of up to 30 years.

When you are approved for a HELOC, the house is used for collateral so you can access equity without having to sell your home.

Contact a Riverbank mortgage broker to learn more about HELOC loans and how they can benefit you.

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Benefits of a Home Equity Loan

HELOC Loans can be a great financial tool for homeowners. Learn about the Best uses for a Home Equity Loan in Michigan to see if this loan is a good fit for your family.

Some of the benefits of a HELOC include:

  • Access to funds: A HELOC provides you with access to funds when you need them. You can use the funds for any purpose, such as home improvements, debt consolidation, or unexpected expenses.
  • Flexibility: A HELOC gives you the flexibility to borrow only the amount you need, when you need it. You can repay the loan at any time, without penalty.
  • Low interest rates: Interest rates on HELOCs are typically lower than credit cards or personal loans.
  • Access Equity to buy an investment property or second home.
  • Equity build-up: A HELOC can help you build equity in your home if used for home improvements or other purposes that increase the value of your home.

Riverbank is excited to now offer Home Equity Line of Credit loans to allow homeowners to access the equity in their house. Use a HELOC mortgage to save money and interest on large purchases and more.

For more information on HELOC Loans call us at 800-555-2098 or apply online today!

Michigan Home Equity Line of Credit: We now offer Home Equity Loans down to a 620 Credit Score!

Best Place to get a HELOC

A local mortgage broker may be the best place to get a HELOC. Rather than visiting multiple bank or HELOC lenders, a mortgage broker can shop multiple lender to help you find the best loan.

How does a HELOC Loan work?

Once approved in underwriting, you can access up to 90% of the equity in your home. For example, if your home is worth $300,000, you can access up to $270,000 in total loans against your property. If you owe $200,000 on your primary mortgage, then your HELOC may be up to $70,000.

With a Home Equity Line of Credit you can use funds, repay them and use them again in the future. For example, if you have a home equity line of credit with a credit limit of $50,000 and you have used $40,000, you will have up to $10,000 additional funds to charge against your line of credit.

What are the Downsides for HELOC Loans

With a home equity line of credit, you are limited to the amount of credit available on the loan. You are also subject to adjustments of the prime rate, which can result in increased monthly payments.

Another disadvantage of home equity lines of credit is that they are variable rate loans, which means your interest rate will change over time. This can make budgeting difficult since your monthly payments can increase as the interest rate rises.

For more information on HELOC Loans read the CFPB booklet What you should know about home equity lines of credit.

If you are considering a home equity line of credit, be sure to ask about any fees associated with the loan, such as annual, origination, and closing costs.

HELOC Loan Rates

HELOC loan rates will depend on several qualifying factors including the following:

  • Credit Score
  • Home Value
  • Loan Amount
  • Property Type
  • Residency Type
  • Lien Position
  • Home Equity Loan vs HELOAN

To lock in a low HELOC rate be sure to have credit cards paid down and payments paid on time to have the highest credit score possible.

Home equity line of credit vs. home equity loan

A home equity line of credit and a home equity loan are similar in that they both use the equity in your home as collateral. The main difference between the two is that a home equity loan is a lump sum that is disbursed all at once, while a home equity line of credit is a revolving line of credit that can be used as needed.

Fixed Rate HELOC

Many people may be looking for a fixed rate HELOC loan to have predictable payments each month. A fixed rate HELOC loan is called a HELOAN which will be structred as an installment loan. A HELOAN will have even monthly payments over a 10 year to 30 year mortgage repayment period. Rates on a HELOAN are generally higher than a variable rate HELOC but may be a good fit for conservative borrowers.

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