Home Equity loans let you borrow money using the equity in your home as collateral. Unlike most other consumer loans, the interest on a home equity loan or HELOC is likely to be tax-deductible (consult your tax advisor). At Birmingham Bloomfield Credit Union, home equity loans & HELOCs feature:
- Competitive Rates
- Payment terms up to 15 years on fixed rate home equities
- HELOC payments calculated at 1.75% of the balance at the time of the last advance
- Up to 100% financing of your available equity (maximum loan amount is $150,000)
- BBCU pays the closing costs on home equity and HELOC loans*
- No origination fee*
- No application fee*
- Optional Credit Life and Credit Disability payment protection**
Both online and printable applications include the Home Equity loan disclosures. The printable application can be faxed, mailed or submitted in person to either Birmingham or Waterford locations.
*APR = Annual Percentage Rate. A variable rate of 5.00% to 18.00% will apply, and is based on credit history, loan to value and other underwriting criteria. The variable APR is based on the index value plus a margin (currently 3.50%), subject to change, but at no time shall exceed 18%. Closing costs range from $450 to $750, and will be applied to accounts closed or that fall below $20,000 within the first year of opening. Property insurance is required and, if applicable, flood insurance will be required. Additional restrictions, limitations, and exclusions may apply. Please contact Birmingham Bloomfield Credit Union for additional details. NMLS#500296
**Insurance products sold through or in the credit union are not insured by the National Credit Union Administration and are not issued, guaranteed, or underwritten by the credit union or the National Credit Union Administration or any other federal government agency. There is no requirement or obligation to purchase insurance from the credit union or any subsidiary, affiliate or particular unaffiliated third party as a condition to obtaining a loan, and decision as to insurance agents will not affect credit terms in any way. The credit union will not condition an extension of credit on an agreement not to obtain, or prohibition on the applicant from obtaining an insurance product or annuity from an unaffiliated entity.