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Our home equity loans are set up as a Home Equity Line of Credit loan – you can continue to add funds onto the loan as it pays down -- for up to 5 years (this is called a 5-year draw). At the end of the 5 years it changes to a closed-end loan with a 10 year payback.
We can use up to 80% of the value of your home less any existing mortgage balance.
Our home equity loans are figured at the Prime Interest Rate with no margin, and variable interest rate (the ceiling is 15% and the floor is 6%) adjusted quarterly.(January, April, July and October).
Give us a call and we can mail you a home equity package or stop in and pick one up. We can only do Michigan home equities..
Give us a call with any questions that you may have regarding any of our loans.
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