Summer dinner party with family

Home Equity



Maximizing Home Equity: Your Guide to Home Equity Loans

Homeownership is a significant financial milestone, and for many, it's a journey that involves gradually building home equity. Your home's equity is the difference between its market value and the outstanding balance on your mortgage. This equity can be a valuable financial resource, especially when you need funds for major expenses like home renovations, your child's education, or consolidating high-interest debts.


What you get when you finance a home equity loan:

  • Local mortgage expert to guide you through the process
  • Competitive rates
  • Borrow up to 90% of your home value
  • Convenient payment options

Applying is easy:

How to apply for a Fixed Rate Home Equity:
    1. Select "Apply Online" below
    2. Select "Create Account"
    3. Choose "Refinance a Home"
How to apply for a Home Equity Line-of-Credit:
    1. Select "Apply Online" below
    2. Select "Create Account"
    3. Choose "Home Equity Line-of-Credit"
      Important Terms of our Home Equity Lines of Credit

View Rates       Apply Online   


Select "Apply Online" and "Create Account" to get started!  
If you currently have a Consumer Connect Mortgage account, you will be asked to log in. If you do not have a Consumer Connect Mortgage account, you will need to create one to start your mortgage application.  You may find it helpful to gather the following items before you begin:
  • Information about your existing mortgage loan (if applicable)
  • Pay stubs or recent tax returns to reference current income
  • Bank statements and retirement account balances for assets

Once your application is submitted, you will receive a confirmation email from our team. A Financial Plus mortgage expert will get in touch to review next steps within 1 business day.

brief case icon
Home Equity Fixed
Use the equity in your home to access a lump sum of funds for just about anything.

brief case icon
Home Equity Line of Credit (HELOC)
Works like a credit card and can be used to renovate your kitchen, make a large purchase, and more. 

like icon

Tell your Friends. Get $100! 
You'll both receive $100 when you refer a friend or family member.

Start Referring





heloc-calc

Advantages of Home Equity Loans

  1. Leveraging Your Home Equity: A home equity loan allows you to access the equity you've built up in your property. As you make mortgage payments, you reduce the principal balance, which increases your home equity. The advantage of tapping into this equity is that it provides you with a source of funding that typically offers lower interest rates compared to other forms of borrowing. Moreover, the interest on home equity loans may be tax-deductible, subject to certain conditions. This can make it a tax-efficient way to finance various expenses, such as home improvements, education, or medical bills.
  1. Lower Interest Rates: One of the primary benefits of a home equity loan is the interest rate. These loans typically offer lower interest rates than unsecured loans or credit cards. The reason for this is that a home equity loan is secured by your property. This lower interest rate can result in significant savings, especially if you're consolidating high-interest debts into a home equity loan.
  2. Flexibility in Use: Home equity loans offer flexibility in how you can use the funds. Whether you're planning a home renovation, need to cover unexpected medical expenses, or want to finance your child's education, the funds from a home equity loan can be used for various purposes. This versatility makes it a practical choice for homeowners with different financial goals.
  3. Predictable Monthly Payments: Home equity loans come in two main types: fixed-rate and variable-rate loans. A fixed-rate home equity loan provides stable, predictable monthly payments. This predictability can be advantageous for budget-conscious homeowners who want to ensure that their monthly financial obligations remain steady.

 

Timing Considerations for a HELOC

When considering a Home Equity Line of Credit (HELOC), timing can be crucial. The right time to get a HELOC depends on your financial goals and the current market conditions. Factors to consider include the interest rate environment, the purpose of the HELOC (e.g., home renovation, debt consolidation, or emergency fund), and your ability to manage the revolving credit line.


estatus connect phone image

Managing your loan

Use eStatus Connect within your digital banking to make payments and view:
  • Payment due date
  • Payment history
  • Current loan balances
  • Previous and current year-to-date totals
  • Upcoming interest and escrow changes

Everything you need to know about home equity loans

Use the equity in your home to access a lump sum of funds. These funds can be used for just about anything, including home improvements, paying off debt, and more. The rate is fixed, so your monthly payment won't change.

Applying is easy:

    1. Select "Apply Online" below
    2. Select "Create Account"
    3. Choose "Refinance a Home"
Access the equity in your home whenever you need it with a HELOC. Works like a credit card, so as you pay down your balance fund become available again. Use a HELOC to renovate your kitchen, make a large purchase, and more.

Applying is easy:

    1. Select "Apply Online" below
    2. Select "Create Account"
    3. Choose "Home Equity Line-of-Credit"














Solutions for every aspect of life


Woman looking out of her car smiling

Get pre-approved before you shop with our simple online application.

Auto Loans

financial plus fenton branch

Find your nearest location and stop in to see us!

Our Locations

woman smiling

A loan for your every need, vacation, home improvement, you name it!

Personal Loans

Mortgage Loan Officers and NMLS Numbers:

Financial Plus Credit Union - NMLS License #586579

Brooke Taylor-Huey, MLO - NMLS #642942 
Rosemary Boan, MLO - NMLS #1531295
Amy Ricupati, MLO - NMLS #674678
Sherrie Dalton, MLO - NMLS #629441

Rachelle Kippe, Senior Vice President of Lending - NMLS #423273
Lisa Shoemaker, Vice President of Mortgage Lending – NMLS #433133
Marcia Dinauer, Mortgage Sales Manager – NMLS #855164


Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval. See Credit Union for full details. 
 
Bay City  |  Davison  |  Fenton  |  Flint  |  Grand Blanc  |  Saginaw