Eastern Michigan Bank is your local, hometown Home Equity specialist. Whether you are looking to remodel your home or just need some extra cash, our loan staff are here to help! We offer competitive home equity rates and two different options for taking a loan out on the equity in your home. Our loan staff will help walk you through the entire process.
Home Equity Line of Credit (HELOC)
- Variable rate of interest that adjusts with the Prime Rate
- Minimum payment varies based on how much of your line you've used
- Access your funds through online banking, mobile banking or bank supplied check
Home Equity Loans
With a standard home equity loan, you receive the entire amount of the loan in one lump sum at closing:
- Fixed interest rate
- Fixed payments of principal and interest
Limited Time Offer: No Closing Costs!
Home Equity Lines of Credit
Home Equity Term Loan: Effective as of 11/9/2018. Payment example: A $25,000 loan at this rate would have 59 monthly payments of $455.80 and one payment of $456.28. Minimum loan amount $10,000. Rate listed is for a primary residence, first lien position and minimum credit score of 780. Additional rates and terms available. Loan is subject to credit approval. Property securing the loan must be properly insured and cannot be for sale. Rates are subject to change and no closing costs offer may end at any time.
²No closing costs offer will not apply if an appraisal is needed and does not include escrow advance for taxes and insurance if applicable.
Home Equity Line of Credit: APR is variable and based on The Wall Street Journal Prime Rate (“Prime”). As of 8/1/19, the best rate is Prime - 1.25% (4.00% APR). Maximum APR 18%. Minimum APR 2.75%. Minimum loan amount $10,000. Rate listed is for a minimum line of credit of $75,001 with first lien position, 50% loan to value and minimum credit score of 780. Additional rates and terms are available. Loan is subject to credit approval and property securing the loan must be properly insured. Renewal fee of $90 will apply after the initial 36 month draw period. Early termination fee may apply. No closing costs offer may end at any time.
Eastern Michigan Bank NMLS # 513935