Home Equity Line of Credit in Livonia, Michigan
Now Available: Waived Appraisal Fee!
Get Your Home Equity Line of Credit in Livonia! Contact Joann today at 734-463-3034.
Livonia home values have risen dramatically in recent years. No matter how long you’ve owned your home, chances are you’ve built up some equity. That means you could apply for low-cost financing in the form of a home equity line of credit, or HELOC. A HELOC uses your equity as collateral and lets you draw on a credit line up to a certain limit. You can use the funds for practically anything, from tackling a major renovation project at home to financing your child’s college education.
How a HELOC Works
With a CVF Credit Union Home Equity Line Of Credit, homeowners have access to a credit line based on a percentage of their current equity. The HELOC is split into two periods: a seven-year draw period during which you can borrow funds, and a 15-year amortization period during which you pay off the remaining balance and interest. You’re only required to make interest payments during the draw period, or you can pay off some or all of the balance to replenish your credit line. CVF’s Home Equity Line Of Credits in Livonia stand out from others because we don’t charge an annual fee or closing costs.
Benefits of a Home Equity Line Of Credit in Livonia
HELOCs come with low rates compared to financing options like personal loans and credit cards. This is because the credit line is secured by your home Livonia. Plus, you’ve got a history of mortgage payments to help demonstrate your creditworthiness.
There aren’t any restrictions on how you can use your Home Equity Line Of Credit funds. And unlike a loan, you only accrue interest on the amount you draw, not the amount you’re eligible to access. So if you’re spreading out expenses like college tuition payments or a multi-stage renovation project, you could potentially save money by only drawing funds as you need them
Ready to make your Livonia home equity work for you? Apply for a CVF Hone Equity Line Of Credit today! Contact Joann today at 734-463-3034.
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**A home equity loan will place a second lien on your home. There is an estimated appraisal fee of approximately $500. Your fee may be more or less depending on property and appraisal required. Additional fees may apply. Home owners insurance is required. Flood insurance may be required. Mortgaged property must be located in Michigan. Your rate will be based on credit history, term and combined loan-to-value of collateral. Member must have sufficient income to cover debt. Minimum loan amount is $10,000. Other terms and conditions may apply. Contact us for more information. The Home Equity Line of Credit Loan is a variable rate based on the Wall Street Journal Prime Rate and can change quarterly. Waived appraisal offer ends June 30, 2024.
Put Your Equity To Work… Today
Complete this form and we will be in touch soon to start the process right over the phone. Don’t want to wait? Give us a call at (734) 432-0212.