| 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 and subject to change after account opening. 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. HELOC rates are variable and based on the current index margin; rates will not exceed 18%. 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, closings costs typically range from $225 and $7,850. Contact LMCU for additional details. $5 membership required if not a member.
