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Put Your Home's Equity to Work For You
New 15-year Fixed Home Equity Loan
Click here for the rates page!
 Home Equity Loan – can be used to make major purchases like home improvements, auto or recreational vehicle purchase, vacation, college education expenses, etc. It's even a way to pay of high-rate credit cards and charge accounts.
Home Equity Line of Credit – uses the equity in your home to secure a line of credit.
You get the Financial Plus advantages:
Here is a brief summary of the home equity options available.
Fixed-Rate Home Equity Loan
Click here to start an online application and to get the process started, or click here to download and print your application.
Home Equity Line of Credit
- Credit Limit up to 95% of the appraised value, less any mortgage liens
- Rate adjusts each calendar quarter based on Prime
- Maximum rate is 18%
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Variable rates as low as 6.75% APR
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Monthly payment equals 2% of the balance (based on the balance at the time of the last advance) with a minimum payment of $50.
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Advances on the Line of Credit are available via Touch Tone Teller, Home Financial Services, telephone request, or in person.
Automatic Payments
Most members take advantage of our convenient automatic payment option. The monthly payment is automatically transferred from you savings or checking account. You avoid the hassle of writing and mailing a check or the problems of forgetting to make the payment on time.
Applying for a Financial Plus Home Equity Loan or Line of Credit
Since home equity loans and all their options can be complex, we urge members to contact the credit union for more information and application materials. Call the Lending Services department at (810) 244-2200 or (800) 748-0451. For your convenience, you may download and print a copy of our Home Equity Loan application (it's in PDF - Adobe Acrobat format - and designed to print on legal size paper - 8 1/2 x 14). Home Equity Application
Consumer Alert
Be careful of the mortgage company you deal with. It is common for “predatory” lenders to switch the interest rate to a higher rate than the advertised rate, charge excessive (and frequently hidden) fees, and to use high-pressure sales techniques to pressure the buyer.
Remember, at Financial Plus, we:
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