Home Equity

Loan or Line of Credit

Access the the equity you have in your home with a Home Equity Loan or Line of Credit. Put your home’s equity to work for you and use the funds for whatever you need, such as paying off debt, renovating or remodeling or even for purchasing that big-ticket item you’ve been dreaming of.
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Apply for LOC

What is

Equity?

Equity is the value of your home minus what you owe. It is the amount of your home that you actually own. In other words, equity is the difference between what your home is worth and what you still owe your mortgage lender. As you make payments on your mortgage, you minimize the balance of your loan (your principal) and thus you establish equity. If you still owe money on your mortgage, you only own the percentage of your home that you’ve paid off. Your mortgage lender owns the rest until you pay off your loan. When your mortgage is finally 100% paid off you have 100% equity in your home.
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Borrow moneyby leveraging the equity in your home and use the  cashfor whatever you want

Consolidate Debt
Save time and money by consolidating debt into one simple lower monthly payment
Remodel-Renovate
Increase your home's value with a dream renovation, remodel or essential home improvement
Big Purchase
Use your home's equity to make that big purchase you've been dreaming of!
Fund Education
Pay for education or payoff a student loan with your home's equity

Home

Equity Loan

  • Competitive Rate
  • Lump sum cash out option*
  • Set monthly payments
  • Fixed interest rates
  • Flexible Repayment Options
  • Escrow for taxes and insurance available
  • Rate is determined by credit score
  • Home Equity Loans have a possible tax benefit
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Home

Equity LOC

  • Revolving line of credit
  • Monthly payment based on % of balance owed
  • Fixed or variable interest rate options available
  • Competitive Rate
  • Free auto-pay set up
  • Free custom design on your card
  • No Annual Service Fee!
  • Daily purchase limit of $10,000
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equity

questionsanswers

What will my rate be?

Home Equity Loan/LOC Rates

DescriptionAPR*
as low as
Closed End Home Equity
Max Term 15 yrs or 30 yr amortization with 15 year balloon		Contact Us
Prime Gold Home Equity
equal to or less than 80% LTV, Prime 4.00% floor of 4.00%		8.000% Rate tied to Prime
Prime Plus Gold Home Equity
greater than 80% LTV, Prime 4.00%, floor of 4.00%		8.750% Rate tied to Prime + .75%
MasterCard Gold Home Equity
equal to or less than 80% LTV		7.900%
MasterCard Gold Home Equity
greater than 80% LTV		8.900%
*APR=Annual Percentage Rate. Rates may change at any time. Must meet FCU's normal underwriting qualifications to be approve. Contact FCU for more information. Loan rates and approval subject to credit score and analysis. A loan application fee applies and is included in the APR calculation for closed-end home equity loans. Equal opportunity lender. For HELOC no fees charged up front and fees are disclosed at time of application. As part of the closing procedures Frankenmuth Credit Union will acquire a security interest in the property. Draws are allowed for 20 years or as long as the account remains open and member is in good standing. Payment in calculated on 1% of the balance or $25, whichever is greater. HELOC rates are variable and based on the current index margin; rate floor is 4.00%APR and will not exceed 25%APR.
Effective Date: November 21, 2024

Do I need to get a home appraisal?

Frankenmuth CU generally requires an appraisal to qualify for a home equity loan or line of credit. After we review your application, our Mortgage Processors will determine the type of appraisal needed and will contact you.

How quickly will I get my money?

Typically it takes about 45 days from application to funding, but can vary depending on your individual situation and how promptly you respond to document/information requests needed to complete your application.

How can I estimate my monthly payment?

Information and interactive calculators are available to you only as self-help tools for your personal use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a Frankenmuth Credit Union professional regarding all personal finance issues. Call 989-497-1600 or find a branch near you.

How can I save on my home insurance?

FCU Members Save on Their Insurance.

My Member Insurance Agency (MMIA), an affiliate of Frankenmuth Credit Union, is committed to providing competitive insurance products and exceptional customer service to FCU members. MMIA is excited to help members protect what matters most with affordable insurance solutions for your Auto, Home, Business, Farm, Life and Health.

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Disclosures

We are an Equal Housing Opportunity Lender. Federally insured by the NCUA. Your savings are insured to at least $250,000 by the National Credit Union Administration, a U.S. Government Agency. We do business in accordance with the Fair Housing Law and Equal Credit Opportunity Act.

*Must meet underwriting guidelines to qualify. Rates and terms are subject to change at anytime and without notice.

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