For homeowners, a Home Equity Line of Credit (HELOC) can be a valuable tool. A HELOC gives you the flexibility to borrow only as much as you need, when you need it. This means you're only ever paying interest on your outstanding balance. What makes HELOCs even better, is the interest you pay may be tax deductible.
How do I calculate my HELOC payments?
At MemberFocus, your monthly required payment will be 1% of the outstanding HELOC balance. See below for examples.
|Example HELOC balance||Example monthly payment|
How will a new draw will affect my payment?
When you make a new draw against your HELOC, your monthly payment will increase. A good guideline is your monthly payment will increase in an amount equal to 1% of your new draw. See below for examples.
|Example draw amount||Increases monthly payment by|
How do I make a draw on my HELOC?
- Online - make a transfer between your HELOC and checking account within Online or Mobile Banking
- Over the phone - make a transfer over the phone by calling us at (313) 581.2002
- In-person - visit us at either of our Dearborn locations
- Up To 90% LTV
- Home Equity Term Loan as low as 5.49%
- Click here to Apply Now!