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heloc rates michigan, what is a home equity line of credit, how do you get a home equity line of credit

Home Equity Line of Credit (HELOC)

Tackling home improvements? Planning a vacation? Looking to buy a new car?

Use the equity in your home to your advantage: 

  • Debt Consolidation 
  • Education Expenses 
  • Wedding Expenses 
  • and more! 

Features of a HELOC:

  1. Secured by Home Equity: HELOCs are secured loans, meaning they use your home as collateral. The amount you can borrow is determined by the difference between your home's current market value and the outstanding balance on your mortgage.

  2. Revolving Credit: HELOCs function much like a credit card. You can borrow and repay funds repeatedly during the draw period (typically 5-10 years). As you repay the borrowed amount, the credit becomes available again, allowing for ongoing access to funds.

  3. Flexible Use: HELOC funds can be used for a wide range of purposes, from home renovations to covering unexpected expenses. Many people use them for debt consolidation to lower interest rates.

Apply Now

HELOC FAQ's

You can find the application for a Home Equity Line of Credit (HELOC) by reviewing the content at the top of this page, or by applying here.

You can also speak to any branch manager at any ChoiceOne location for more information on how to apply.

The application process is actually relatively easy! Click the apply now button in the text at the top of the page to log in, or create an account, and follow the guided prompts. Your application will then be reviewed, and a representative from the bank will reach out.

A HELOC is considered a secure loan, meaning it uses your current home as collateral. The amount you are allowed to use is based on your home's current market value against the outstanding balance you have on your mortgage. You are able to then use those funds for a wide variety of purposes.

A HELOC can be used for a wide varitey of purposes!

  • Debt Consolidation 
  • Education Expenses 
  • Wedding Expenses
  • Renovations
  • Unexpected Expenses
  • and More!
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