All DMCU branches will be closed Wednesday, June 19, in observance of Juneteenth. We will reopen with normal business hours on Thursday, June 20.

Dream Big, We Got You.

Credit Union Home Equity Loans

Whatever home project you need money for, DMCU’s home equity loans are here to help. If you need cash for home improvements, big or small, debt consolidation or even that next big adventure, try borrowing from the equity you've built in your home first. A Credit Union Home Equity Loan or Home Equity Line of Credit (HELOC) with DMCU can help you fulfill your home wish list while also providing you with better rates than banks can offer.

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• One lump sum of money borrowed

• Ideal for large purchases

• Fixed Monthly Payments

As low as:

5.75%% APR**

Loans from $5,000-$250,000

(terms up to 180 months based on loan amount)

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• Ideal for recurring expenses

• Payments based on the funds used

• Money is available when you need it

As low as:

8.25%% APR**

Loans from $5,000-$250,000

*A $200.00 fee is assessed for all home equity loans and lines of credit which helps to cover title work, recording expense, and appraisal if required.  

**APR = Annual Percentage Rate. Rates may vary, based on term, credit history, collateral, lien position and LTV. Rates are tied to market index (or prime rate). Rates will not exceed 18% APR.  Fees and other charges may apply.

Home Mortgage Disclosure Act (HMDA)

Please take the time to read our Home Mortgage Disclosure Act Notice by clicking the link below. If you have any questions call us at 313.568.5000.

Home Mortgage Disclosure Act Notice

Credit Union Home Equity Loan Application Process

Collect your documentation and submit your application online, you can download the application checklist below. Or stop into a branch or give us a call.
Download the application checklist


A Home Equity Loan is similar to your first mortgage and is set for a specific loan amount to be repaid with fixed monthly payments. This type of loan is sometimes called a “second mortgage.” Home Equity Loan interest rates are fixed and fully amortized.

DMCU offers a 5-year loan (minimum $5,000)

  • 10 years ($10,000)
  • 15 years ($20,000)

A Home Equity Line of Credit (HELOC) is a credit line from which you can access at
your convenience and withdraw funds up to your maximum credit line. Our HELOC
offers a variable rate with a 10-year draw period.

  • Generally, credit cards and personal loans have higher interest rates than a Home Equity Loan or HELOC.
  • At DMCU, our Home Equity Loan starts below the prime rate.
  • If you’re in need of a large sum of money and you have a good deal of equity in your
    home, you’ll typically save more in interest with a Home Equity Loan.

Home Equity Loan or a HELOC are perfect for:

  • Home improvements
  • Medical bills
  • Family vacation
  • College education
  • Start a new business
  • Debt consolidation

Generally, a homeowner can borrow up to 80% of the home’s value minus the current mortgage balance. At DMCU, we offer up to 100%, however, the borrower must qualify for this option and purchase a separate insurance policy.


You can get a rough estimate of the available equity by subtracting all the debts secured by your home (i.e., your mortgage and any other home equity loans) from your home estimated market value. For example, if the market value of your home is $200,000 and you owe $100,000, you have $100,000 in home equity.

  • There is no minimum credit score requirement
  • Borrower must be out of bankruptcy for 6 months and no foreclosures in the last 2 years
  • Borrower must be a member at DMCU prior to closing
  • Delinquent property taxes must be paid before or at closing
  • There is a processing fee of $200 payable at loan closing
  • There is no application fee and no closing costs
  • Eligible property includes detached single-family homes, detached and attached condominiums, and manufactured homes.
  • Occupancy requirements include primary and vacation homes in Michigan only

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Come on over and share the wealth with thousands of other members through rewards, low rates, and making financing a breeze.

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