269-382-7800 | ROUTING #272481855

Home Equity Loans


0.99% Intro APR on Home Equity Lines of Credit thru 2017!***


Kalamazoo Home Equity Loan

Access extra cash with a home equity loan or line of credit, at a lower rate than unsecured borrowing options.

Use the money for anything you need, including home improvements, a vacation, back to school expenses, college education, or to consolidate bills.

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? What’s the difference?
Fixed rate home equity loans with their consistent interest rate and monthly payment are ideal for one-time expenses. A variable rate home equity line of credit is designed for multiple, convenient purchases or expenses over time, up to your maximum line of credit amount. Similar to a credit card, spend up to your maximum limit and make monthly payments. Once you pay down your balance you can re-access the credit for another purchase.


Home Equity Line of Credit

Rate

· Variable, based on Prime
· Adjusted Quarterly

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)

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)

Limitations

· Must be owner occupied
· Residence or second residence
· No land contract

Costs

· No application fee
· Appraisal fee, if applicable

Fixed Rate Home Equity

Rate

· Fixed (stays the same over the life of the loan)

Term

· Up to 15 years

Amount

· Up to $250,000

Limitations

· Must be owner occupied
· Residence or second residence
· No land contract

Costs

· No application fee
· Appraisal fee, if applicable


Fixed Home Equity Rates

TERMFirst Lien, APR* as low asSecond Lien, APR* as low as
5 Years2.99%3.25%
10 Years3.75%4.50%
15 Years4.25%4.99%

Home Equity Line of Credit Rates

TERMAPR* as low as 
Revolving line of credit**3.50%

*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.

***APR = Annual Percentage Rate. Introductory APR is 0.99% thru 12/31/17. After the intro APR expires, balance will be subject to the regular rate disclosed at the time of your closing, determined by your creditworthiness. Verification of income may be required. Property insurance required. Max loan amount is determined by the equity in your home, based on appraised value. If account becomes delinquent 60+ days, balances subject to the promo rate revert to your regular APR. The APR is based on an index, the Prime Rate per the Wall Street Journal, and is current as of 4/1/17 and could change at any time. To determine your APR, a margin will be added to your current index rate. In no event will the regular APR be less than the Prime Rate or more than 15.00% or the max rate allowed by applicable law. The minimum monthly payment may change as a result of rate changes. Please see branch for details. Membership eligibility guidelines apply.

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