| Fixed Home Equity vs. HELOC | Fixed Home Equity | Home Equity Line of Credit |
|---|---|---|
| Type of Interest | Fixed-Rate | Variable-Rate |
| Repayment Term | 5 – 15 Years | 15 Years |
| Payout | Lump Sum | Revolving Credit |
| Today’s Lowest Rate* |
|
|
| Best For |
Debt Consolidation, major renovation costs |
Intermittent cash needs over a number of years |
| Type of Interest | Fixed-Rate |
|---|---|
| Repayment Term | 5 – 15 Years |
| Payout | Lump Sum |
| Today’s Lowest Rate* |
|
| Best For | Debt Consolidation |
| Type of Interest | Variable-Rate |
|---|---|
| Repayment Term | 15 – 20 Years |
| Payout | Revolving Credit |
| Today’s Lowest Rate* |
|
| Best For | Intermittent cash needs |
*APR = Annual Percentage Rate. Rates as of . HELOC rates are variable, subject to change after account opening and will not exceed 18% APR. Best rate available to well qualified borrowers under 80% Combined Loan To Value (CLTV). Your rate may be higher based on your specific CLTV, term and credit score. All Home Equity loans are available for properties located in Michigan and Florida. Fees may differ in Florida. Terms, loan amount maximums and other restrictions apply. Call or see branch for details. $5.00 membership required if not a member.
