Use your home’s equity to get more done, for less.

We assess qualification on a case-by-case basis, as we’ll assess your available home equity, home value, current mortgage balance, credit history, income, and ability to repay.

Typically, though, you’ll need a minimum credit score of 620, and your combined loan-to-home-value ratio must be under 80%.

Most primary or secondary homes located in Michigan or Florida are eligible, but our home equity specialists will review both your application and property details to confirm eligibility.

Every homeowner's goals are different. Whether you're improving your home, investing in future opportunities, or covering major expenses, a home equity loan can give you access to funds for a wide range of needs. Homeowners commonly use home equity loans for everything from renovations and education costs to debt consolidation, vehicles, and unexpected expenses. 

Improve Your Home

Put your home's equity back into the place you live.

• Kitchen and bathroom remodels
• Home repairs and maintenance
• Roofing, siding, windows, and other exterior updates
• Flooring, painting, and interior refreshes
• Room additions and major renovations
• Accessibility or aging-in-place improvements
• Landscaping, patios, decks, and outdoor living spaces

Invest in Your Future

Use your equity to help fund long-term goals and opportunities.

• College tuition and education expenses
• Career training or professional development
• Starting or expanding a business
• Purchasing a vacation home, rental property, or land
• Creating an emergency fund or financial safety net
• Other investments in your future plans and goals

Fund What Matters Most

Gain flexibility for life's important purchases, milestones, and unexpected costs.

• Vehicles, boats, RVs, and recreational equipment
• Debt consolidation
• Weddings and celebrations
• Medical expenses
• Emergency repairs and unexpected bills
• Major planned purchases
• Family caregiving expenses
• Relocation-related costs
• Other personal financial needs

We assess qualification on a case-by-case basis, as we’ll assess your available home equity, home value, current mortgage balance, credit history, income, and ability to repay.

Typically, though, you’ll need a minimum credit score of 620, and your combined loan-to-home-value ratio must be under 80%.

Most primary or secondary homes located in Michigan or Florida are eligible, but our home equity specialists will review both your application and property details to confirm eligibility.

A HELOC and a traditional, fixed-rate home equity loan both let you borrow against your home’s equity, but they work differently. A HELOC gives you flexible access to a line of credit, while a home equity loan provides a lump sum at a fixed rate.

A HELOC is likely a better choice if you need funds for:

• An ongoing renovation  
• A project that may have unexpected costs 
• A project whose budget and scope can’t be accurately estimated
• Consolidating debt, as HELOC rates are typically lower 

A fixed home equity loan could be a better choice if you: 

• Know exactly how much funding you need 
• Want to lock in a certain rate that won’t change 
• Want predictable monthly payments

When comparing a HELOC vs a fixed-rate home equity loan, the better option ultimately depends on your goals, timeline, and comfort with changing payments vs fixed rates.

As part of the application process, our Home Equity team may request documents like the following to help verify your information:

• A valid ID or driver's license
• Your homeowner's insurance information or declarations page
• A recent mortgage statement
• A property tax bill
• Recent pay stubs
• W-2s or tax returns

A property valuation may be needed as part of the review process, and in some cases, an appraisal may also be required.

This is determined on a case-by-case basis and can depend on factors like your property, loan amount, and the overall results of your application review. If a valuation is needed, related costs may be factored into your closing costs.

LMCU HELOCs have no application fee and no annual fee. Some third-party costs may still apply, depending on your application and property details. These could include things like appraisal, title, recording, credit report, flood determination, or government charges.

Our home equity team will walk you through any costs that may apply before you move forward, so you know what to expect.

Your HELOC payment is based on how much of your available credit line you've borrowed, your interest rate, and where you are in the life of your loan. 

During the draw period, you'll typically make monthly payments based on your outstanding balance and accrued interest. Because your balance can increase or decrease as you borrow and repay funds, your payment amount may change over time. If you pay down your balance during the draw period, those funds become available to use again.

Once the draw period ends, you'll enter the repayment period, when you'll repay the remaining principal and interest according to your loan terms.

Your loan turnaround timeline can vary based on factors like how quickly you submit the required documentation, how complex the review is, and whether additional steps like title work or a property valuation are deemed necessary.

The best way to keep the process moving quickly is to complete your application fully and provide all requested documents as soon as possible.