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Home Equity Loans in Michigan

Ready to take on a home improvement project? Looking for a way to help pay for college? Interested in purchasing vacant land? Home Equity Lines of Credit (HELOCs) streamline the loan process and decrease closing costs, giving you the ability to turn equity in your home into cash! Here are more reasons why you should choose Honor Bank for a home equity loan in Northern Michigan.

  • Easy access to funds
  • No origination fee
  • Standard closing costs are covered by us
  • No annual fee for the first year
  • Lines from $10,000, based on the equity in your home

Home Equity Loan Rates in Michigan

For qualified applicants, APR starts at 4.50%. Credit limits depend upon applicant qualifications. This credit limit is the maximum amount that you may borrow at any one time under the plan and is figured by taking a percentage of the applicant’s home value and subtracting the balance owed on the existing first mortgage. We also look at income, debts, other financial obligations, and credit history when determining the amount of your approved line.

Our Commitment to You

Honor Bank operates by the principles laid out in our Honor Code. We’re committed to doing everything in our power to provide our customers with excellent customer service, whether they’re opening a personal checking account or looking to take out a line of credit against their home. You can trust us to be there to help when you need it!

Learn more about the application process by exploring the links below.

Home Equity Line of Credit Resources

  • Terms & Conditions

    * Advertised Annual Percentage Rate (APR) is for owner occupied (1-2 family) and single family second homes in Michigan properties, and reflect a discount of 0.25% for an automatic payment from an Honor Bank Deposit Account. The rate can increase if the automatic payment is discontinued. Interest rate shown is effective as of 03/16/2020 and is subject to change without notice. The disclosed APR is based on The Wall Street Journal Prime Rate (the "Index", currently 3.25%) plus a margin (spread). The margin is based on the approved loan amount and our evaluation of your credit history. Higher rates may apply based on the terms of the loan and applicant's credit score. Maximum APR: 18%. Minimum APR: 4.50%.

    Closing costs may apply if title insurance and/or a full appraisal is required.

    All accounts subject to credit approval. The minimum loan amount is $10,000. First or Second Lien Position, up to $500,000, with a combined Loan to Value (CLTV) of 80% if Honor Bank is in the First Lien Position and 70% CLTV when Honor Bank does not hold First Lien Position. An Early Termination Fee of $300 or 2% of the outstanding balance at time of payoff, whichever if lower, will be charged if the account is paid in full and closed within the first two years of origination.

    Insurance requirement:

    Property insurance required; flood insurance is also required if the property is in a special flood hazard area.

    Minimum monthly payment:
    Interest-only monthly payments for 10-year draw period. Payment amount will vary as rates change. Balloon payment may be required to pay this loan in full.

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