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Home Equity Line of Credit (HELOC)


A Home Equity Line of Credit (HELOC) is an affordable way to borrow which allows homeowners to use the equity in your home to access the funds you need, when you need them. A HELOC can be used for just about anything, and the interest may be tax-deductible1.

Home Improvement

The most popular way to use a HELOC is to use the value of your home to increase the value of your home by making renovations or upgrades. Have you been thinking of replacing your shabby carpet? Perhaps you’d like to upgrade to granite countertops in the kitchen or you need a new roof. A HELOC might be a good option for your borrowing needs.

Debt Consolidation

A HELOC typically has a lower interest rate than many other types of financing which makes it a beneficial tool for debt consolidation, such as paying off a credit card balance or paying down medical debt. Using a HELOC to streamline your debt may help you raise your credit score. Talk to one of our lenders to determine if a HELOC is a good option for your needs.

Big Purchases

Many opt to use their HELOC to fund big purchases rather than pay with a credit card. A HELOC can be used to pay for a wedding, for that dream vacation you’re planning, or for education expenses.

Opportunities & Emergencies

A HELOC can be an affordable way to borrow to prepare for unexpected moments that may arise. A HELOC can be a boost in establishing an emergency fund or provide the funds you need if you need to take time off work to care for a family member or loved one. Your HELOC may also be a great way to help fund your new business venture! Is a HELOC an option for your borrowing needs? Give us a call to find out.

APR = Annual Percentage Rate. Zeal Credit Union is an equal opportunity lender. Variable Rate Home Equity Line of Credit ranges from a minimum of 4.75%, which was the prime market rate on 6/16/2022. This rate is subject to change with a maximum of no more than 18%. Actual rate is based on loan amount, loan to value, and individual credit worthiness. Advertised rates are for informational purposes. Rates are subject to change at any time and without notice. Maximum Loan to Value 95%, property must be in the State of Michigan. The minimum amount is $10,000 and maximum amount is $ 250,000. Appraisal fee must be paid by member in advance. Appraisal fee will be credited back to the member at closing. Homeowner’s property insurance is required, and flood insurance may be required. For the most up to date rate information, please contact a Zeal Credit Union mortgage representative directly. Other restrictions may apply. Membership eligibility is required.

1.Consult your tax advisor to confirm if you’re eligible for the deduction.

Contact the Mortgage Team