Equity is the difference between the appraised value of your home and what you still owe on your mortgage. This value is considered during the approval process for your loan.
A fixed home equity loan allows you to get all your financing at once, and you’ll make the same monthly payment over time. A HELOC offers a revolving credit line secured against your current home, so your payments could change. This is a good option if you need to pay for supplies or pay contractors at different times during a project.
When you work with us on your home equity loan, we’ll donate $50 to a local Michigan nonprofit after you close your loan.1 Transform your home and empower your community at the same time. That’s the power in all of us.
