home equity loans and HELOCs

A 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 remodeling project, it can also be used for college tuition, debt consolidation, vacations, 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!

benefits of a HELOC from BlueOx Credit Union

• Local, hometown, superior service
• Friendly, experienced loan advisors
• Financed and serviced at BlueOx Credit Union
• Quick, seamless, and tailored to your needs
• Borrow up to 90% of your home’s equity (for qualifying loans)
• Free pre-approvals and low closing costs
• Quick access to your funds
• Make payments online or in-branch
• Competitive rates and flexible terms
• Generous credit limits
• Variable rate line-of-credit
• Interest may be tax deductible**

4.99% APR* 12-month introductory rate!

For a limited time, we're offering a 4.99% APR* 12-month introductory rate when you open a HELOC at BlueOx Credit Union! Don't miss out on this amazing opportunity to tap into the potential of your home's equity. Stop by any of our branches or call a Member Service Advisor at (800) 648-8035 to learn more!

what information should I bring?

to my appointment

• The legal description of the property from the deed or title insurance
• Recent appraisal and/or property tax statement disclosing SEV
• Current income verification (current W2s and/or last two year’s income tax returns)

to my loan closing

• Driver’s license
• Copy of homeowner’s insurance policy adding BlueOx Credit Union as an additional loss payee

HELOC

Loans subject to approval. APRs range from 2.99% to 18% depending on your creditworthiness, loan-to-value, and other factors. HELOC APR is variable and the maximum APR is 18%. If required, $700 appraisal fee is applicant's responsibility. No other closing costs unless refinancing an existing BlueOx Credit Union loan. Home Owner's insurance required. 

Home Equity

Loans subject to approval. APRs range from 5.75% to 18% depending on your creditworthiness, loan-to-value, and other factors. If required, $700 appraisal fee is applicant's responsibility. No other closing costs unless refinancing an existing BlueOx Credit Union loan. Home Owner's insurance required. 

*APR = Annual Percentage Rate. The promotional period begins March 1, 2025. The introductory rate applies to new Home Equity Lines of Credit (HELOC) only. The rate offered will depend on the applicant's creditworthiness. All rates are subject to applicable loan term limits and certain restrictions may apply. The rates are subject to change without prior notice. The initial rate for the HELOC low introductory rate promotion is a fixed rate not based on the index and margin used for subsequent rate adjustments. The Introductory Annual Percentage Rate (APR) of 4.99% APR fixed is for home equity line of credit accounts only and applies to balances on the first twelve monthly statement cycles after the loan open date and which changes to a variable APR as low as 4.99% at the end of the introductory period. To receive this rate, the application must be submitted between March 1, 2025, and December 31, 2025, and the loan must close within 30 days of the application date. After the introductory period, the APR can vary and is based on Prime Rate plus a margin of +0.50% to +2.50% based on credit rating. The APR is subject to change on the 10th of each month, based on changes to Prime Rate, the highest Prime Rate published in the Wall Street Journal "Money Rates" table on the 20th of the prior month. Minimum APR 3.50%, maximum APR 18.00%. The maximum loan term available is a 5-year draw with a 10-year principal and interest repayment period. Max combined loan-to-value for HELOC is up to 80% for applicants with credit scores of 590+. HELOC qualifies for introductory rate with a minimum credit line of $20,000 and a loan amount of $5,000 taken at closing. During the draw period, you may withdraw (advance) funds up to your credit line limit and pay amortized principal and interest payments on the outstanding balance monthly. After the draw period, you may not withdraw any more funds from the line, you will continue to pay the amortized principal and interest monthly. Offer not applicable on refinance of any division of Ignite Credit Union HELOCs. There are no loan processing or early closure fees and no prepayment penalty. The borrower is responsible for the cost of appraisal, if required. Allegan Credit Union/Rivertown Credit Union/BlueOx Credit Union does not offer escrow services. The minimum payment required is interest only or $100, whichever is greater. Rates, terms, and conditions are subject to change without notice.

**Consult a tax advisor.