Put your home’s equity to work.
Whether you’re planning a renovation, consolidating debt, or covering a major expense, Michigan First offers home equity loans and lines of credit designed to give you flexible access to funds.
Review current home equity rates below and compare your options to find the financing that fits your needs.
Rates effective 10/1/2026.
Home Equity Loan
Get your funds in one lump sum with a home equity loan designed for larger, planned expenses such as renovations, debt consolidation, or other major financial needs.
|
Term
|
Up to 80% LTV
APR as low as*
|
81-90% LTV
APR as low as*
|
91-100% LTV
APR as low as*
|
|---|---|---|---|
| Up to 180 Months | 9.00% | 10.00% | 11.50% |
Home Equity Line of Credit
A HELOC gives you ongoing access to your available home equity during the draw period, so you can borrow as needed rather than taking the full amount at once. Michigan First’s current HELOC is a variable-rate line of credit.
|
Term
|
Up to 80% LTV
APR as low as*
|
81-90% LTV
APR as low as*
|
91-100% LTV
APR as low as*
|
|---|---|---|---|
| Seven Year Draw Period | 8.25% | 9.25% | 10.25% |
Interest Only Home Equity Line of Credit
An interest-only HELOC provides flexible access to your available home equity while allowing you to make monthly payments based on the interest due during the applicable period.
|
Term
|
Up to 80% LTV
APR as low as*
|
81-90% LTV
APR as low as*
|
|---|---|---|
| Ten Year Draw Period | 8.75% | 9.75% |
*APR = Annual Percentage Rate. Rates are based on credit score and subject to change without notice. Call Michigan First for details at 800.664.3828.
Home Equity Loan Disclosures
1. Minimum loan amount $10,000 (minimum loan advance on HELOC is $5,000). Loans of less than $10,000 may be subject to closing costs (title work, appraisal, etc.)
2. All non-owner occupied properties require an appraisal. Cost must be paid by the member. LTV's over 50% require CLO or CEO approval.
Home Equity Line of Credit Disclosures
1. Maximum loan amount is $1,000,000.
2. Non-owner-occupied properties are not eligible.
Interest-Only Home Equity Line of Credit Disclosures
1. Maximum loan amount is $1,000,000.
2. Monthly payment is calculated based on the monthly interest amount due.
3. Minimum initial draw is $10,000.
4. Non-owner-occupied properties are not eligible.