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Home Equity Loans and Lines

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.

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
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

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 7/27/2023, the best available rate is Prime or 8.50% 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.
Home Equity Term Loan: Rate listed effective as of 7/27/2023 and subject to change. Rate listed is for a five-year term, primary residence, first lien position and minimum credit score of 780. A $25,000 loan at this rate and term would have 60 monthly payments of $495.03. Minimum loan amount $10,000. Additional rates and terms available. Loan subject to credit approval and loan-to-value (LTV) limits. Property securing loan must be properly insured and cannot be for sale. No closing costs offer may end at any time, will not apply if an appraisal is needed and does not include escrow advance for taxes and insurance if applicable.
Eastern Michigan Bank NMLS ID 513935