Home Equity Loans

Make Your House Work For You

A home equity loan or home equity line of credit (HELOC) is a great way to pay for life’s projects. While the most common reason for this type of loan is a home modeling project or addition, it can also be used for college tuition, debt consolidation, vacation, weddings, medical expenses, vehicle repairs, and other unexpected expenses. By using your home’s equity as collateral, you can make your home work for you! Applying is a quick and easy process. Stop by any of our member centers or apply online.

Home Improvement

Debt Consolidation

Unexpected Expenses

Vacation Getaway

Home Equity Loan
Home Equity Line of Credit (HELOC)

What's The Difference?

Home Equity Loan


Revolving Line Of Credit

Variable Interest Rate

Funds Accessible Via Debit Card

No Prepayment Penalty

Fixed Interest Rate

Fixed Loan Terms

Home Equity Calculator

Appraised value of your home

Current appraised value of your home.

Outstanding home loans

Total amount of all outstanding home loan balances, including your first mortgage, second mortgage(s), and any other debt that is secured by your home.

Loan-to-value ratio

Loan-to-value ratio (LTV) is the percentage of your home’s appraised value that is borrowed – including all outstanding mortgages and home equity loans and lines secured by your home. For example, a lender’s 80% LTV limit for a home appraised at $400,000 would mean a HELOC applicant could have no more than $320,000 in total outstanding home loan balances. Remember, the $320,000 limit would include all existing loans secured by your home plus your new HELOC.

Information and interactive calculators are available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

HELOC Debit Card

A HELOC (Home Equity Line of Credit) debit card gives you access to your HELOC funds no matter where you are. With the swipe of a card you can purchase what you need for the project you are using the line of credit for, so there’s no need to run to a member center to withdraw funds, or transfer funds to your checking account! Honor Credit Union is all about making your experiences simple and efficient!

Request a Card

To request your HELOC debit card, please complete the secure form below. Following review, your new debit card will arrive within 7-10 business days.

Please Note: All form submissions are processed during normal business hours Monday – Friday.

Our Team Can Help

Our team of mortgage lending experts across the state of Michigan are ready to guide you through the entire home buying experience, from pre-approval to closing. The Honor mortgage team can help you decide which home loan is best for you, what your payments might be, and give you some insight into additional costs you might not have known about, such as earnest money and PMI. Come tell us your story. We look forward to helping you!

Our local mortgage experts know your community because they live and work there

Your mortgage lender will be with you through the entire process, from pre-approval to closing

Our mortgage experts can give you helpful tips and ideas to think about throughout your journey

Home Equity Resources

We want to be a resource as you make a decision to use the equity in your home. We’ve dedicated a section of our blog to home equity and home improvement topics. We hope you find them helpful. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.

Home Equity FAQs

  • A HELOC is a great product if you’re looking to do multiple projects or would just like to have emergency funds on hand.  HELOC’s also have flexible payment options and typically offer the lowest payment of any home equity product. However, we recommend you reach out to us if you have any questions.

  • A Home Equity Loan is great for a one-time expense, like remodeling a room in a house, a vacation, wedding, college tuition, or car repair. It’s also a great option for consolidating and paying off high-interest debt, such as credit cards or student loans.

Ultimately, we recommend you talk to one of our home loan experts, who will listen to your story and advise you of the best solution for your individual need.

The answer depends on your unique situation. Home equity is the amount available after subtracting what you owe on your mortgage from your home’s current market value. Home values increase and decrease depending on market conditions. Just because you were once loaned to the total value of your home doesn’t mean you are today. The amount you could be approved for depends on your credit history, your home’s value, and other factors.

No. There are no fees to apply for a home equity loan or line of credit. We do charge a small loan processing fee, however, it is cheaper than the industry average depending on your situation. There may be additional fees, but our team will iron out all the details so there’s no confusion. We’d be happy to discuss the process with you. Please don’t hesitate to reach out to one of our team members. We’re here to help!

Our team works as quickly as possible. It typically takes 7-14 business days from the time your application is submitted to you having your loan funds available. The timeline can vary based on a number of factors related to your situation but we are very transparent with our communication during the process and will make sure you are given a realistic expectation so you can be prepared.

Honor Credit Union is a proud member of:

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