Home Equity Loans

Learn how a home equity loan can be the answer

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

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

Flexible Payments​

Online Loan Pay

Skip-a-pay

Credit Life & Credit Disability Insurance Options

A Fixed Home Equity Loan works like a mortgage in that all of the funds are disbursed up front. We offer fixed interest rates for a term of 5 years with amortization periods of up to 20 years.

 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
  • Interest expense may be tax deductible
Please note, you must be 18 years or older to apply for a loan.

A Home Equity Line of Credit (HELOC) allows you to borrow funds up to your approved credit limit, then use the funds as you pay down on the line. 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 priced at a marginal rate over the current prime interest rate.

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
Please note, you must be 18 years or older to apply for a loan.

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!