Michigan HELOC Rates and Home Equity Loans

Home Equity Options
Meet Our Team

Get the Most From Your Home's Equity in Michigan

Unlock your home's value with a Michigan home equity loan or home equity line of credit from Union Bank. Whether you need quick cash or long-term financing, we offer flexible options with competitive rates and credit limits up to 90% of your home's appraised value (less any first mortgage balance).*

Apply Now

Access Your Home Equity With a Local Michigan Lender

Use the value you have built in your home to fund your next goal with a home equity loan or Home Equity Line of Credit (HELOC) from Union Bank. Since 1934, we have helped homeowners throughout West and Central Michigan access flexible lending options backed by local knowledge and personal service. Our experienced Mortgage Bankers take the time to understand your goals, explain your options and help you choose a solution that fits your financial needs.

When you apply for a home equity loan or HELOC with Union Bank, you can count on clear guidance, local expertise and personal support throughout the lending process. Explore your home equity options today by contacting us or applying online.

Home Equity Line of Credit (HELOC): Variable Rate, Revolving Access

Not sure about a HELOC vs a home equity loan? With our Home Equity Line of Credit you write yourself a loan for whatever is important to you, using what you need when you need it, rather than taking a single lump sum.

Union Bank Home Equity Line of Credit Features:

Variable Interest Rate
Revolving Line of Credit
Monthly Interest Payments

Apply Today

Closed-End Home Equity Loan: Fixed Rate, Lump Sum

Here is how a closed-end home equity loan works: a one-time, lump-sum term loan that is great for home repairs, a large purchase, or debt consolidation, with fixed monthly payments and a fixed home equity loan interest rate until maturity.

Union Bank Closed End Home Equity Loan Features:

Fixed monthly payment for a specified period of time
Fixed interest rate until maturity
Customizable amortization

Apply Today

Note: Interest rates, terms, and availability depend on creditworthiness, home equity, and market conditions. All loans are subject to credit approval.

Michigan HELOC Rates and Home Equity Loan Options

Union Bank offers home equity financing options that help you make the most of the value you have built in your home.

Home Equity Lines of Credit (HELOC)

A HELOC provides flexible access to funds through a revolving line of credit secured by your home. During the draw period, you can borrow funds as needed, making it a useful option for projects or expenses where the total cost may change over time. Our local Mortgage Bankers can help you understand your options, so you can access your available credit, make payments and manage your funds based on your financial goals.

Fixed Home Equity Loans

A fixed home equity loan provides a set amount of funds upfront with predictable monthly payments and a defined repayment schedule. This option can be a good fit for homeowners who prefer consistent payments and know the amount they need for a specific goal, such as a home improvement project, major purchase or other planned expense.

Compare HELOCs and Home Equity Loans to Find the Right Fit

Choosing between a HELOC and a fixed loan comes down to how you plan to use your funds and how you prefer to handle repayment.

Feature	Home Equity Line of Credit (HELOC)	Fixed Home Equity Loan
Funding Structure	Revolving line of credit	One-time lump sum payment
Payment Approach	Flexible during draw period	Fixed monthly payment schedule
Rate Type	Variable rate	Fixed interest rate
Ideal Uses	Ongoing projects, unexpected costs	Major single-phase expenses

Which Home Equity Option Fits Your Financial Goals?

The right home equity option depends on your financial goals, project timeline, and preferred payment structure. A HELOC may be a good fit for staged renovations or ongoing expenses because it provides access to funds as costs arise. A fixed home equity loan may be better suited for a single large project when you want a set amount upfront and predictable monthly payments. Our lending team can help you review your options and choose a solution that fits your financial situation.

How Michigan Homeowners Can Use Home Equity Financing with Union Bank

Updating your home for your current needs or planning future improvements? A home equity loan or HELOC can provide funding options to help bring your project to life.

Home Improvements and Renovation Projects

Using home equity for home improvements can help you create a more comfortable living space while investing in your property. Common projects homeowners may finance include:

Kitchen remodels and upgrades
Bathroom renovations
Home additions and expanded living areas
Major repairs, such as roofing, HVAC, or siding improvements

Other Planned Financial Needs

Home equity financing can also help support important financial goals and planned expenses. Whether you are managing debt consolidation, covering education costs or preparing for another major milestone, reviewing home equity loan rates Michigan options with a local lending specialist can help you understand available solutions and create a repayment plan that fits your budget.

How Union Bank Helps West Michigan Homeowners

Apply for a Home Equity Loan or HELOC With Union Bank

As a community bank with deep roots in West and Central Michigan, we are committed to helping you make informed decisions about your financial future. Explore your home equity options today and work with our experienced Mortgage Bankers to find a solution that fits your goals.

Apply online or schedule an appointment with a Mortgage Banker to get started.

We are happy to answer questions and help you find the loan that will work best for you.

*Union Bank is an Equal Housing Lender. All loans subject to credit approval, program guidelines and property appraisal. NMLS#488568