Home Equity Loans & Lines of Credit 2017-08-10T13:56:11+00:00

HOME EQUITY LOANS
& LINES OF CREDIT

 

Access additional cash with a fixed home equity loan or a home equity line of credit, using the equity in your home and at a lower rate than other unsecured borrowing options like credit cards.

You can use the money for anything you need, including home improvements, a vacation, back to school expenses, college education, or to consolidate your bills. Plus, access your home equity line of credit on-the-go with a home equity Visa card.

For additional information about KALSEE’s home equity loan options or to apply, please visit any KALSEE office or call 877.KAL.SEE1.

When should I use a fixed home equity loan vs. a home equity line of credit?

Fixed home equity loans with their consistent interest rate are ideal for one-time expenses. A home equity line of credit is designed for multiple, convenient purchases or expenses over time.

 

Home Equity Line of CreditFixed Rate Home Equity
Rate
Variable, based on Prime
Adjusted quarterly
Fixed (stays the same over the life of the loan)
Term
Up to 18 years (access to credit for the first 8 years, then 10 years for pay-off)
No pre-payment penalty, unless the line of credit is closed in the first 3 years (then $240-750 to recoup the credit union’s line of credit opening costs)
Up to 15 years
Amount
$5,000-250,000
Combined loan-to-value (CLTV) up to 80% (up to 80% of either appraised value or twice the state equalized value or SEV, less any mortgage balance)
Up to $250,000
Limitations
Must be owner occupied
Residence or second residence
No land contract
Must be owner occupied
Residence or second residence
No land contract
Costs
No application fee
Appraisal fee, if applicable
No application fee
Appraisal fee, if applicable

Fixed Home Equity Rates

TERM1st lien, APR* as low as (with VIP Perks discount)2nd lien, APR* as low as (with VIP Perks discount)
5 Years3.25%3.50%
10 Years4.00%4.50%
15 Years4.50%5.00%
APR with VIP or Platinum Perks discount will not be reflected on your contract. The discount will be applied to your loan each month that you maintain VIP or Platinum Perks status.

Home Equity Line of Credit Rates

TERMAPR* as low as 
Revolving line of credit**4.25%

*APR = Annual Percentage Rate. Rates are the lowest rate available. Your rate may be higher based on your credit history, term, lien position, and collateral. No down payment is required to obtain the stated rates, when the loan to value ratio is below 80%. To apply for a loan or receive additional information, please contact us at 269.382.7800. Programs, rates, terms and conditions are subject to change without notice.

**A Home Equity Line of Credit is a variable-rate loan. Your rate will depend on your term, credit score and loan-to-value ratio. This product has a variable-rate that is based on the market rates (prime plus margin). Your margin will be between 0.00% and 1.00% APR. Your overall rate will never fall below prime, nor will it exceed 15.00% APR.

The legal age to apply for and obtain credit is 18 years of age.