Home Equity – Single Advance - Michigan United Credit Union

Single Advance Home Equity

Have you been thinking about starting some home renovations such as your kitchen or basement? Home Equity loans allow you to borrow money using the equity in your home as collateral. A single draw, one-time advance, fixed rate loan with a set term. The amount borrowed depends on income, credit history, and the market value of your home.

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Annual Percentage Rate (APR) is based on applicant’s credit history. Prime Rate is equal to 8.50%. The variable rate which is based on the Prime Rate as published in the Money Rates Section of The Wall Street Journal in effect on the last day of each calendar quarter of each year (“Index”) plus a “Margin”. The Index plus the Margin equals the Interest Rate. Changes in the Index will cause changes in the Interest Rate on the first day of each calendar quarter of each year. Increases or decreases in the Interest Rate will result in like increases or decreases in the Finance Charge and may affect the amount of your scheduled payments during the Draw and Repayments Periods. Your Interest Rate cannot increase or decrease by more than 2.00 percentage points each year and will never be less than 3.00% nor greater than18.00% and will apply to the remaining principal balance. If the index becomes unavailable, we may select another Index and Margin which would result in a substantially similar Interest Rate. Maximum LTV is 80%. Membership eligibility required.