Your home is an investment that grows in value over time. Use the equity that has been building up to help finance an upcoming wedding or higher education! Maybe you’ve decided to build that addition or makeover the kitchen.
With a Fixed Home Equity loan, you may borrow up to 80% of the appraised value of the home, minus the mortgage balance and any other outstanding liens. Learn more about our terms and rates. Contact the loan department at 231.798.4321 option 2 for an application.
We also offer a Home Equity Line of Credit. You may borrow up to 80% of the appraised value of the home, minus the mortgage balance and any other outstanding liens. The rate is set according to the Prime rate.
The home equity line of credit is a five-year line of credit with a twelve-year mortgage that can easily be accessed by writing loan checks with an initial first draw of $5,000. At the end of the five-year draw period, there is a renewal option.
- The rate may be adjusted four times a year to a maximum of 18.0% APR
- Borrow up to 80% loan to home value
- Closing costs can be rolled into the loan
All applications will be reviewed on an individual basis to assure compliance with the lending policies established by the FGCU Board of Directors. Loan rates are also subject to change at any time by direction of the FGCU Board of Directors.
Mortgage Loan Officers Registered with the National Mortgage Licensing System and Registry
|Name of Registered Mortgage Loan Officer||NMLS Number|
|George Cannon III||572533|
|First General Credit Union||737294|