| 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 |
|
|
| Loan Details✝ | No application fees | No application and no annual fees |
| 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 |
|
| Loan Details✝ | No application fees |
| Best For | Debt Consolidation |
| Type of Interest | Variable-Rate |
|---|---|
| Repayment Term | 15 – 20 Years |
| Payout | Revolving Credit |
| Today’s Lowest Rate |
|
| Loan Details✝ | No application and no annual fees |
| Best For | Intermittent cash needs |
APR = Annual Percentage Rate.
✝All Home Equity loans are available for properties located in Michigan or Florida and are not subject to application fees and annual fees. Terms, loan amount maximums, and other restrictions apply. Closing costs paid for by the borrower may include settlement fees, credit reports, flood determinations, property valuations (including appraisals, if required), title searches, lender’s title insurance, recording and government charges. For loans up to $500,000 closing costs typically range from $225 and $7,850. Best rate available to well qualified borrowers with under 80% Combined Loan to Value (CLTV). Your rate may be higher based on your specific CLTV, terms and credit score. Contact LMCU for additional details. $5 membership required if not a member.
APR as of . Best rate available to well-qualified borrowers with under 80% Combined Loan to Value (CLTV). Your rate may be higher based on your specific CLTV, term, and credit score. Home equity loans are available for properties located in Michigan or Florida. Terms, loan amount maximums, and other restrictions apply. Closing costs paid for by the borrower may include settlement fees, credit reports, flood determinations, property valuations (including appraisals, if required), title searches, lender’s title insurance, recording, and government charges. For loans up to $500,000, closing costs typically range from $225 and $7,850. Contact LMCU for additional details. $5 membership required if not a member.
*APR as of and subject to change. A sample fixed home equity loan monthly payment based on $600,000 at 7.99% APR for 15 years is $573.04. Taxes and insurance are not included; therefore, the actual payment obligation will be greater.
**APR as of and subject to change after account opening. HELOC rates are variable and are based on the current index margin and will not exceed 18.00% APR.
