Home Equity Loans

make home home

Whether you’re looking to use equity in your home to make home improvements, go on vacation, help out a child with schooling, or purchase a new recreational vehicle, we’ve got you covered. Forest Area Federal Credit Union (FAFCU) offers two types of loans so you can use your hard earned equity how you choose.

Browse our offerings to see which one is right for you. 

A Fixed Home Equity Loan works like a mortgage in that all of the funds are disbursed up front, and there, is no draw period. This is a 5-year balloon product with a 20-year amortization. The rate is fixed for the 5-year term.

 

Benefits Include:

  • Save with a low fixed rate
  • No annual fees
  • Easy access to make payments online, in person, or over the phone
  • Borrow up to 85% of your home’s appraised value
  • Tax deductible

A Home Equity Line of Credit allows you to qualify for a certain limit and to be able to use those funds how you they need to. The HELOC offers a draw period of 5 years with a repayment period of 15 years for a total term of 20 years. This is a variable rate product that is tied to prime.


Benefits Include:

  • Access money as needed and make payments only on funds you use
  • Save with a low variable Rate
  • Easy access to available credit-make payments online, in person or over the phone
  • As you pay back your line, use it again and again
  • Borrow up to 85% of your home’s appraised value

Benefits to having a loan from FAFCU include:

Not a Member?

We proudly serve members in Grand Traverse, Kalkaska, Antrim, Crawford, Missaukee, and Wexford counties who meet our member requirements.

Discover our low rates, convenient banking options, and friendly staff. Apply to be a member today!