Michigan Home Equity Line of Credit
April 19, 2021 Average Rate: 4.64%
Lender | APR (%)? | Min. Initial Draw Amount |
Learn More |
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![]() Test Advertiser QA See Table |
Tag Line - HE | Learn More | |
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![]() Bethpage Federal Credit Union Equal Housing Lender / NMLS ID: 449104 See Table |
Intro APR 2.990 % After Intro: 3.750 % Intro Period: 12 months |
$25,000 | Learn More |
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![]() Test Advertiser QA See Table |
Tag Line - HE | Learn More | |
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1st Source Updated 2021-04-19 / NMLS ID: 645641 See Table |
4.000 %
|
$0 | |
Teachers CU Updated 2021-04-19 / NMLS ID: 686706 See Table |
3.750 %
|
$0 | |
State Savings Bank Updated 2021-04-17 / NMLS ID: 561530 See Table |
2.750 %
|
$0 | |
Comerica Bank Updated 2021-04-19 / NMLS ID: 480990 See Table |
Intro APR 2.240 % After Intro: 4.500 % Intro Period: 6 months |
$0 | |
Fifth Third Updated 2021-04-19 / NMLS ID: 403245 See Table |
4.250 %
|
$0 | |
Washington Trust Bank Updated 2021-04-19 / NMLS ID: 728368 See Table |
4.000 %
|
$0 | |
Consumers Credit Union Updated 2021-04-19 / NMLS ID: 414712 See Table |
Intro APR 1.990 % After Intro: 3.250 % Intro Period: 12 months |
$0 | |
Chase Updated 2020-04-17 / NMLS ID: 399798 See Table |
4.380 %
|
$30,000 | |
KeyBank - Syracuse Updated 2021-04-19 / NMLS ID: 399797 See Table |
5.650 %
|
$0 | |
Lake Michigan CU Updated 2021-04-19 / NMLS ID: 442967 See Table |
3.250 %
|
$0 | |
TCF Bank Updated 2021-04-19 / NMLS ID: 404908 See Table |
4.990 %
|
$0 | |
DFCU Financial Updated 2021-04-19 / NMLS ID: 409709 See Table |
4.000 %
|
$0 | |
Macatawa Bank Updated 2021-04-19 / NMLS ID: 410490 See Table |
3.250 %
|
$0 | |
Old National Bank Updated 2021-04-19 / NMLS ID: 459308 See Table |
Intro APR 1.990 % After Intro: 3.490 % Intro Period: 12 months |
$0 | |
Honor CU Updated 2021-04-19 / NMLS ID: 458266 See Table |
3.250 %
|
$0 | |
Chemical Bank Updated 2020-12-04 / NMLS ID: 473174 See Table |
4.240 %
|
$0 | |
Horizon Bank Updated 2019-10-30 / NMLS ID: 543611 See Table |
Intro APR 2.490 % After Intro: 5.250 % Intro Period: 6 months |
$0 | |
HSBC Updated 2021-04-19 / NMLS ID: 399799 See Table |
Intro APR 1.740 % After Intro: 5.420 % Intro Period: 12 months |
$25,000 | |
Bank of America Updated 2021-04-19 / NMLS ID: 399802 See Table |
Intro APR 2.490 % After Intro: 4.890 % Intro Period: 6 months |
$50,000 | |
Huntington Bank Updated 2021-04-19 / NMLS ID: 412667 See Table |
4.390 %
|
$40,000 | |
Lake Trust Credit Union Updated 2021-04-19 / NMLS ID: 695868 See Table |
4.000 %
|
$0 | |
Credit Union One Updated 2021-04-19 / NMLS ID: 440839 See Table |
Intro APR 1.990 % After Intro: 3.250 % Intro Period: 12 months |
$0 | |
United Bank Updated 2021-04-19 / NMLS ID: 522399 See Table |
3.250 %
|
$0 | |
Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details. |
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Pentagon Credit Union Updated 06/25/2020 Restrictions See Table |
3.750 % | Varies | |
Citibank, National Association Updated 01/19/2021 See Table |
3.990 % | Varies | |
Bank Of America, National Association Updated 01/18/2021 See Table |
4.700 % | Varies | |
State Employees Cu Of Maryland, Inc Credit Union Updated 01/17/2020 Restrictions See Table |
4.750 % | Varies | |
Alliant Credit Union Updated 01/17/2020 Restrictions See Table |
4.750 % | Varies | |
Pnc Bank, National Association Updated 01/18/2021 See Table |
4.900 % | Varies | |
Citizens Bank, National Association Updated 08/23/2019 See Table |
5.240 % | Varies | |
Lake Michigan Credit Union Updated 08/26/2019 Restrictions See Table |
5.240 % | Varies | |
Choiceone Bank Updated 08/26/2019 See Table |
5.250 % | Varies | |
Central Savings Bank Updated 08/29/2019 See Table |
5.250 % | Varies | |
Horizon Bank Updated 06/25/2019 See Table |
5.250 % | Varies | |
Honor Bank Updated 08/29/2019 See Table |
5.250 % | Varies | |
Highpoint Community Bank Updated 08/28/2019 See Table |
5.250 % | Varies | |
Monroe Bank & Trust Updated 09/10/2019 See Table |
5.250 % | Varies | |
U.s. Bank National Association Updated 08/20/2019 See Table |
5.390 % | Varies | |
Flagstar Bank, Fsb Updated 09/10/2019 See Table |
5.490 % | Varies | |
Oxford Bank Updated 08/28/2019 See Table |
5.500 % | Varies | |
Eaton Community Bank Updated 08/28/2019 See Table |
5.500 % | Varies | |
Macatawa Bank Updated 08/26/2019 See Table |
5.500 % | Varies | |
Tiaa, Fsb Updated 06/25/2019 See Table |
5.500 % | Varies | |
Data provided by BestCashCow |
APR (Annual Percentage Rate) is the rate that incorporates monthly compounding charges to express the a finance charges as an annual rate.
1 Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. Compensation is higher for Featured placements. This table does not include all companies or all available products.
Rates from this table are based on loan amount of $50,000 and a variety of factors including credit score and loan to value ratios. Rates may change at any time and are not guaranteed to be correct. For specific requirements please check with the lender.
Home Equity Line of Credit (HELOC) Rates
Home equity lines of credit (HELOCs) are loans secured against the equity in your home, They are typically less costly and more flexible than home equity loans. Since they are lines of credit, the borrower only draws the amount that they need and only pays interest on that amount. The amortization schedule ordinarily does not require payback of the principal drawn until year 10 (HELOCs are, therefore, technically “interest only” loans until that time).
HELOC lenders will lend up to 90% the value of the equity in your home and the typical HELOC line is from $200,000 up to $500,000.
How to Find the Best HELOC Rate
As you see in the table above, the pricing of a home equity line of credit varies from lender to lender. HELOC rates are based on the prime lending rate (“prime”) - the rate that commercial banks charge their most creditworthy customers. Most lenders add on a margin above the prime rate. The average HELOC rate is 4.64%.
Risk to HELOCs
HELOC rates fluctuate. Repayment terms are tied to the prime lending rate and that rate is likely to move up – perhaps dramatically - over the next few years as the Federal Reserve raises the Fed Funds rate. A 10-year home equity loan or a 15-year home equity loan, however, may be a safer option at this time. Depending on your personal circumstances, you should also consider mortgage refinance options.