Home Equity Loans

We offer four (4) Home Equity Line of Credit Plans that differ based on the loan-to-value ratio (LTV) and our underwriting criteria: (1) 75% & Less LTV (5.00% Minimum Rate); (2) 75% & Less LTV (7.00% Minimum Rate); (3) Greater than 75% LTV (5.00% Minimum Rate); and (4) Greater than 75% LTV (8.00% Minimum Rate). Not all applicants may qualify for all Plans. Membership required.

Minimum Payment Requirements

The Minimum Payment Requirements for all Plans are the same. You can obtain credit advances for 60 months (the draw period). During the draw period, payments will be established at the close of each billing cycle at an amount equal to 2.00% of your then unpaid principal balance, subject to the lesser of $100.00 or your account balance. After the draw period ends, you will no longer be able to obtain credit advances and you must repay the outstanding balance (the repayment period). The length of the repayment period will depend on the date and amount of your last advance. During the repayment period, your minimum monthly payment will be calculated in the same manner as the draw period. Paying only the minimum payment may not be sufficient to fully amortize your unpaid account balance by the end of the Agreement Maturity Date in which case, you will be required to continue making your regularly scheduled payments until such time as you have repaid the entire amount owed under your agreement with us.

Minimum Payment Example

75.00% & Less Loan-To-Value (5.00% Minimum Rate) If you made only the minimum payments and took no other credit advances, it would take 100 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 5.00%. During that period, you would make 60 monthly payments varying between $200.00 and $100.00, followed by 39 monthly payments of $100.00, and a final payment of $61.46.

Variable Rate

Your account contains a Variable Rate feature and, as a result, the Annual Percentage Rate (corresponding to the periodic rate) and the number of your scheduled payments can change as a result. The Annual Percentage Rate includes only interest and no other costs. The Annual Percentage Rate is based on the value of an index. The index is the highest Prime Rate as published in the Money Rates Section of The Wall Street Journal in effect on the 3rd Monday of each calendar month, rounded to the nearest 0.125%. Changes in the Index will cause changes in the interest rate on the first day of the billing cycle that immediately follows any change in the index. To determine the Annual Percentage Rate that will apply to your line of credit, we add a margin to the value of the index. Ask us for the current index value, margin and Annual Percentage Rate. After you open a line of credit, rate information will be provided in periodic statements that we send you.

Rate Changes

Your Annual Percentage Rate can change monthly. There is no limit on the amount by which the interest rate can change during any one-year period other than the maximum Annual Percentage Rate that can apply at any time to this account. The maximum ANNUAL PERCENTAGE RATE at any time is 18.00%.

Maximum Rate And Payment Examples

The following examples apply to all Plans. If you had an outstanding balance of $10,000.00 during the draw period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% would be $200.00. This Annual Percentage Rate could be reached during the 1st month of the draw period. If you had an outstanding balance of $10,000.00 during the repayment period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% would be $200.00. This Annual Percentage Rate could be reached during the 1st month of the repayment period.

Fees And Charges

To open a line of credit, you will have to pay certain fees to third parties. These fees generally range from $600.00 to $1,200.00. If you ask, we will give you an itemization of the fees you will have to pay to third parties.

Insurance

You must carry insurance on the property that secures this plan. Minimum Draw Requirements The minimum credit advance you can receive is $250.00.

View our Home Equity Lines of Credit terms.

Anti-Redlining Notice

Notice to Inquirers and Loan Applicants

The rights described in this notice are set forth in and limited by the MORTGAGE LENDING PRACTICES, Public Act 135 of 1977 MCL 445.1605 Sec. 5.

You have a right to submit a written application for a mortgage loan or a home improvement loan or to request written information concerning typical loan terms that we are currently offering on mortgage loans and home improvement loans. It is illegal to establish a minimum mortgage amount of more than $10,000.00 or a minimum home improvement loan of more than $1,000.00. It is illegal to deny a loan or vary the terms and conditions of a loan because of the racial or ethnic trends or characteristics of the neighborhood or the age of the structure, but not because of its physical condition. If your application for a loan is rejected, you have a right to a written statement of the reason for the rejection. If you are granted a loan but the amount required for down payment, the interest rate, term to maturity, application procedure, or other terms or conditions of the loan vary from terms or conditions offered in other neighborhoods, you have a right to a written statement of the reasons for the variation. If you believe that your rights under this act have been violated, you should contact the Department of Insurance and Financial Services.

Department of Insurance and Financial Services
Office of General Counsel
P.O. Box 30220
Lansing, MI 48909-7720
Toll Free (877) 999-6442
Local (517) 284-8819

Anti-Redlining Disclosure

Fair Housing Act Disclosure

Under the Federal Fair Housing Act, it is illegal, on the basis of race, color, national origin, religion, sex, handicap, or familial status (having children under the age of 18), to:

• Deny a loan for the purpose of purchasing, constructing, improving, repairing or maintaining a dwelling, or deny any loan secured by a dwelling; or

• Discriminate in fixing the amount, interest rate, duration, application procedures or other terms or conditions of such a loan, or in appraising property.

If you believe you have been discriminated against, you should send a complaint to:

Assistant Secretary for Fair Housing and Equal Opportunity

Department of Housing & Urban Development

451 7th Street, SW

Washington, D.C. 20410

Under the Equal Credit Opportunity Act, it is illegal to discriminate in any credit transaction:

• On the basis of race, color, national origin, religion, sex, marital status, or age

• Because income is from public assistance, or

• Because a right was exercised under the Consumer Credit Protection Act.

If you believe you have been discriminated against, you should send a complaint to:

Federal Trade Commission

Equal Credit Opportunity

600 Pennsylvania Ave., NW

Washington, D.C. 20580

or submit a complaint online at https://www.ftccomplaintassistant.gov/

Equal Credit Opportunity Act Notice

The federal Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Bureau of Consumer Financial Protection, 1700 G Street NW, Washington DC 20006.

Notice for Incomplete Applications

If you have submitted an application for credit, and we notify you that additional items are needed before we can fully evaluate your request, please submit the information within 30 days from the date of our request.

If we do not receive all of the information we requested by that time, we will regrettably not be able to give further consideration to your request. However, we welcome you to submit a new application at any time and we will give it our full consideration.

Counteroffers

If you have submitted an application for credit, and we have offered you credit on terms that are different than the terms you applied for, we are unable to offer you the credit on the terms that you requested. If you choose not to accept our counteroffer or if you do not accept it within 90 days, we will consider the application denied. See the above "Right to Request Specific Reasons for Credit Denial."

Right to Request Specific Reasons for Credit Denial

If your application for credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please contact us at the address below within 60 days from the date you are notified of our decision. We will send you a written statement of reasons for the denial within 30 days of receiving your request for the statement.

One Detroit Credit Union

630 Howard Street

Attn: Chief Lending Officer

Detroit, MI 48226