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Home Equity

A lot of effort goes into maintaining and improving your home. When the time comes that you need money for home renovations or to pay for large expenses, consider using your home’s equity for leverage. We can help you get the financing you need, by leveraging the equity you’ve built up in your home. Are you still paying on a mortgage?  It’s OK!  Using your home’s equity is still an excellent option. At our great rates, and with such easy terms, a Home Equity product is a great solution for life’s challenging financial moments!

Save With a Home Equities

North Central now offers two options! 

Home Equity Closed End Loan:

  • “No Appraisal Fee!” (Savings of approximately $400!)
  • Competitive Rates!
  • Payoff term of fifteen years
  • Rate and payment fixed for the length of your loan

Home Equity Line of Credit:

  • No Out-of-Pocket Costs. There are no application fees, no closing costs, and no annual fees.*
  • Low interest rates, variable payments and interest. We offer variable rates much lower than those on credit cards or other types of unsecured credit. You’ll save in interest charges and pay down your balance sooner.
  • Flexible Repayment. Your credit line offers a repayment schedule you can control. If cash flow is tight, pay just the minimum. When your budget allows, accelerate your payments to pay your balance down more quickly.
  • Available Funds. Feel secure knowing funds are available when needed, up to your established credit line.

Possible Tax Advantages

The interest you pay on a home equity loan or line-of-credit is usually tax deductible. Please consult a tax advisor regarding your individual circumstances.

After you get the loan, look at your convenient payment options.

To get started, make an appointment with your Branch Manager! Call our Service Center to schedule (989) 910-5135.

*APR=Annual Percentage Rate. If the balance is less than $50,000, a fee will be applied to cover the cost of appraisal.  See the credit union for complete details.

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