Home Equity Loans

Home Equity Options from your Catholic Credit Union

You may wish to use the equity you already have in your home to help finance your project or purchase. Of course, there is a lot to consider and that’s where we come in. As your trusted Catholic credit union, we are here for you—every step of the way.

Home Equity Line of Credit*

  • A line of credit loan that allows you flexibility to borrow some money now, use as you go, and use later.
  • Easy access online, with your mobile app, audio teller, or in the branch.
  • Borrow up to 90% of your combined loan-to-value (including your first mortgage).
  • Seven year draw period and a fifteen year amortization.
  • Low variable rates.
  • Minimum loan is $10,000.
  • Catholic Vantage Financial MLNS# 491926

A Home Equity Line of Credit is useful for borrowers that need some funds now and some funds later. For example:

  • Ongoing improvement or remodeling projects.
  • A variety of large purchases such as new appliances and furniture.
  • To help pay for college or private school costs.

Here’s more information about Home Equity Line of Credit Loans:

Closed End Home Equity Loan**

  • For borrowers who know exactly how much they want to borrow, and for how long.
  • Affordable payment terms to help keep your cash on budget and payments on time. Chose terms of 5, 10, or 15 years.
  • Borrow up to 90% of your combined loan-to-value (including your first mortgage).
  • Low fixed rates.
  • Minimum loan is $10,000
  • Closed End Home Equity through Mortgage Center MLNS# 491926

Some great uses for a home equity term loan might be:

  • One-time remodel, roof repair, new pool, or basement.
  • Consolidate debt.
  • Purchase a boat or vacation home.

Learn everything you need to know before you start.
Stop by our office or call 734.432.0212 and talk to a lending specialist.

**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. 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.

Catholic Vantage Financial NMLS#491926Equal-Housing-Lender-copy