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Home Equity Line of Credit and Term Loan

Your home is one of the most important investments that you can make. If you are in need of home improvements, college tuition, purchase of property or another special purchase, then a Home Equity Line of Credit or Term Loan may be a great option.  Your home is one of your most valuable assets; let it go to work for you.

Huron Valley State Bank offers lines of credit and term loans with competitive terms. Both are available for residential primary residences, second homes and investment properties. To determine which one is right for you, compare our solutions.

Home Equity Line of Credit Home Equity Term Loan
RATE
Variable Fixed
ANNUAL FEE
$50  $0 
CLOSING COST
$0 for Loans under $100,000 $150
Payment Options
Flexibility of interest-only payments on the portion of the line you use. Fixed monthly payments. Can pay extra towards principal, without penalty.
Major Expenses
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Ongoing Access to Funds
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Debt Consolidation
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Education
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Term
5 Years 10 Years
Home Repairs / Improvement – Multiple or Ongoing Expense
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Important Home Equity Loan Disclosure Information

APR - Annual Percentage Rate.  Subject to credit approval.  Property Insurance is required. Eligible properties include owner-occupied 1- to 4-family properties, condominiums, 2nd/vacation homes and investment property.

Line of Credit:

Annual Percentage Rate (APR) is based upon the Wall Street Journal Prime Rate.  Information about this index is available in the Wall Street Journal.  Rates are subject to change at any time. As of 08/01/2023 prime rate is 8.50%.  APR will never be lower than 4.00%, or higher than 25.00%.  Loans greater than $100,000 will incur closing costs of $500, which covers appraisal, title insurance, tax service fee, flood determination and recording fees.  If line is closed within 3 years an early termination fee of $350 will apply.

The minimum monthly payment is equal to the interest that accrued on the outstanding balance during the preceding billing cycle or $50, whichever is greater. Balloon payment may be required if only minimum payments are made during 5 year draw period.  For example; a credit advance of $10,000 at 4.75% APY would result in 59 payments of $50 and a final payment of $9,347.13.

Term Loan:  

A loan processing fee of $150 applies to all term loans.  Payment example: If you borrow $10,000 at 5.75% you will make 120 payments of $109.77.