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.
Contact your local branch to apply.
Contact your local branch to apply.
Home Equity Line of Credit (HELOC)
A HELOC works similarly to a credit card -- you use only the funds you need when you need them:
- 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
1APR=Annual Percentage Rate
Home Equity Line of Credit: The APR on this loan is variable and based on the Wall Street Journal Prime Rate (“Prime”). Maximum APR 18%. As of 12/19/2024, the best available rate is Prime or 7.50% APR, whichever is greater. Minimum loan amount $10,000. Best rate is for a minimum line of $75,001 with first lien position, 50% loan to value ratio and minimum credit score of 780. Maximum loan to value 80%. Additional rates and terms are available. Loan is subject to credit approval. Property securing the loan must be properly insured and cannot be for sale. Early termination fee may apply.
Eastern Michigan Bank NMLS ID 513935