| 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* | 4.49% APR** | 3.00% APR** |
| 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* | 4.49% |
| Best For | Debt Consolidation |
| Type of Interest | Variable-Rate |
|---|---|
| Repayment Term | 15 – 20 Years |
| Payout | Revolving Credit |
| Today’s Lowest Rate* | 3.00% |
| Best For | Intermittent cash needs |
*Best rate available to well qualified borrowers with under 80% Combined Loan to Value (CLTV). Assumes auto-pay from LMCU checking account. Your rate may be higher based on your specific CLTV, term, and credit score. Rates as of and subject to change after account opening. HELOC rates are variable and based on the current index margin; rates will not exceed 12%. Home Equity loans are available for properties located in Michigan or Florida. Fees may differ in Florida. Terms, loan amount maximums, and other restrictions apply. Call or see branch for details. $5 membership required if not a member.
**APR = Annual Percentage Rate.
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