Home Equity Loans | Team One Credit Union

HELOC and Fixed Home Equity Loans

Unlock the Value in Your Home with a Team One Credit Union Home Equity Loan.

Looking to fund a home renovation, consolidate debt, or cover major expenses? A Home Equity Loan or Home Equity Line of Credit (HELOC) from Team One Credit Union lets you tap into your home’s built-up value with confidence. Whether you need a lump sum for a big project or flexible access to funds over time, we have personalized lending options to fit your needs.

Why Choose Team One for Your Home Equity Loan?

  • Low, Fixed Rates – Save with some of the most competitive rates in Michigan.

  • Flexible Terms – Choose repayment terms that match your financial goals.

  • No Hidden Fees – Transparent terms with no surprises.

  • Local Expertise – Work with loan officers who understand your community and are committed to your success.

  • Fast Approvals – Quick turnaround times to get your project started faster.


Choose the Right Option for You:

A flexible line of credit you can draw from as needed – perfect for ongoing expenses, unexpected repairs, or as a financial safety net. 

A HELOC*  provides a pool of money that you can draw from as needed. You can use as much or as little as you need, similar to a credit card. HELOCs typically feature a “draw period” during which you can borrow multiple times. During the draw period, you have the option to make small payments on your debt. 

Plus, no closing costs!   ✔ Payment Example: For illustration purposes only, at 16.9% APR, a balance of $1,000.00 during the repayment period would result in 24 monthly payments of approximately $49.39, assuming no additional advances are made and the rate remains constant. Actual payment amounts will vary based on changes to the APR, outstanding balance, and other account terms. Subject to approval of credit application.

For flexibility: A HELOC allows you to borrow and repay numerous times over the time period. Getting money is as easy as accessing your online banking or stopping in to a convenient branch location—you don’t need to apply every time you need more funding. Pay off the balance when you’re able to do so, and borrow again if needed.

Borrow a one-time lump sum at a fixed interest rate – ideal for planned expenses like home improvements, college tuition, or debt consolidation.

A Fixed Home Equity Loan^ gives you a lump sum. You receive the entire amount in one transaction. Because you receive everything at once, a home equity loan can provide funding for large expenses. If you’re paying multiple expenses or paying over time you can keep any excess amount in your checking account, and spend as needed.

You repay most home equity loans with fixed monthly payments. The interest rate is typically fixed, helping to provide predictable, level monthly payments.

Click here for our most current Home Equity Loan Rates.  ✔ Payment Example: A loan amount of $1,000.00 at 6.990% APR would result in 60 monthly payments of approximately $19.80. Payment example is for illustration only and assumes no additional fees or optional products. Actual payment amounts will vary based on the loan amount financed. Actual APRs will vary based on credit qualifications, amount, and term. Rates range from 6.990% APR at 5 Year Fixed to 7.990% APR at 15 year fixed. Subject to approval of credit application.

For predictability: A home equity loan works when you know exactly how much you need and you want predictability when it comes to repayment. Your monthly payments won’t rise if rates increase.
 

Q: How much can I borrow with a home equity loan or HELOC?
A: Loan amounts depend on your home’s equity and credit profile. Pre-qualification is quick and free.

Q: Is a home equity loan tax-deductible?
A: In many cases, the interest may be tax-deductible if used for home improvements. Consult a tax advisor for specific guidance.

Q: How do I apply?
A: Apply online 24/7 or connect with a local lending specialist at your nearest branch.








Smart Uses for Your Home Equity:

  • Renovate your kitchen or bathroom

  • Consolidate high-interest credit card debt

  • Pay for education expenses

  • Finance a wedding or major life event

  • Cover medical costs or emergency expenses

 

Why Members Trust Team One

At Team One Credit Union, we’ve proudly served Michigan families since 1935. Our mission is to empower financial dreams anywhere—for all. When you borrow with us, you're not just getting a loan. You're partnering with a financial advocate who’s invested in your long-term success

*$100 nonrefundable application fee. However, if getting a mortgage and HELOC at the same time, $100 application fee is waived. $50 annual fee is assessed yearly at the beginning of the second year. Mobile homes are not eligible.
^Applicable fees may apply including minimal closing costs. $100 application fee. Mobile homes are not eligible.