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Pay for your next big project
with ease

Home Equity Line of Credit

A convenient financing option
that fits your life.

A line of credit for whatever life throws at you

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Get a revolving line of credit from $10,000 - $350,000 to draw from for 10 years without reapplying
$0 Closing Costs
Save more with no closing costs required!
Access your Home Equity
up to 90% for primary homes
You're In Control
Pay interest only on the funds you use
Multiple Uses
You can re-use funds over and over as you pay down their balance
No appraisal required
Homes that meet value requirements do not require additional appraisals
Line of Credit Restrictions
Promo rate doesn’t apply to loans with LTV greater than 80% or vacation homes.
Credit Union ONE Difference
We will service your home equity loans the entire time.
Apply for a HELOC today.
Apply Online
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What is the difference between a Home Equity Loan and A Home Equity Line of Credit? 

A Home Equity loan provides the borrower with a lump sum amount that comes with fixed payments and fixed interest during the term of the loan. A Home Equity Line of Credit (HELOC) is a revolving line of credit that features variable interest rates and, therefore, variable minimum payments. With a HELOC, you pay interest only on the funds you use.

What is the purpose of this type of loan? 

This type of loan can be used to fund home improvements, renovations, updated appliances, fund higher education, refinance high-interest rates or consolidate all debts into one easy monthly payment. As interest is only charged on the amount used, if the expense is lower than expected, you will not be charged interest on the remaining funds.


Is Private Mortgage Insurance (PMI) required?

Credit Union ONE does not require additional PMI, but borrowers must maintain their current homeowners' insurance. A Home Equity Line of Credit loan is considered a second mortgage, therefore no additional PMI or escrow account is required.

How can I access my funds?

Members can use their Home Equity Line of Credit via Equiline checks or online transfers. They can also visit their local branch or Contact Us for additional assistance.

Is there a penalty for making pre-payments or paying off my Home Equity Line of Credit early?

Members are not penalized for making additional payments due to the HELOC's recapture clause. The recapture clause will be waived if the member is refinancing and is advancing a minimum of $10,000 new money.

Is the interest I pay on my Home Equity Line of Credit tax deductible? 

The interest you pay may be tax-deductible, depending on how you use the funds and other factors. A tax advisor can provide details and information regarding your specific situation and advance.  

What other restrictions apply to this type of loan? 

Primary residents of Michigan and parts of Ohio including Cuyahoga, Lake, Lucas, Sandusky, Summit, and Wood counties are eligible. Has to be first lien for vacation homes but can be a second for primary residence. Single-family homes, condominiums, and manufactured homes fall under this category. Manufactured homes require an appraisal. Credit Union One will pay for credit reports, flood determinations, tax monitoring, title searches, insurance policies, and mortgage recording. An appraisal will be paid for upfront by the borrower and refunded upon loan closing. All other fees are the responsibility of the borrowers.

*Home Equity Line of Credit:  APR will be variable based on an index plus or minus a margin for the life of the loan. The index is the highest prime rate as published in the Money Rates section of The Wall Street Journal. The margin ranges from 0% to 3.00% and is based on overall creditworthiness factors. The prime rate as of November 4, 2022  is 7.00%.  Minimum loan amount is $10,000; maximum is $350,000. The APR will never exceed 18% and will never be lower than 4.00%. Loans and actual standard rate offered are subject to approval based on overall creditworthiness factors and collateral. Maximum loan to value is 90% and collateral must be titled in the State of Michigan. Other conditions may apply. Credit Union ONE waives fees for Collateral Valuation (including appraisal if required), Credit Report, Flood Certification, Junior Title Policy and Mortgage Recording. Applicant pays appraisal fee which is fully reimbursed at closing if loan approved and loan closes within 45 days of application.

Offer may be discontinued or changed at any time.