Home Equity Loans

Get 100% of your home value to work with

A Home Equity Line of Credit or Fixed Term Loan is a great way to pay for home improvements, as well as other large purchases. Other lending institutions only loan on 80% of the value of your home. One Detroit Credit Union will loan on up to 100% of the value of your home - which means you will have more money to work with!

Apply for a 1DCU Home Equity Loan

**Variable Rate Features: Please refer to our rates page for terms and conditions

View our Home Equity Lines of Credit terms.

View our anti-redlining notice.

View our Fair Housing statement.

View our Equal Credit Opprtunity disclosure. 

NMLS # 1313879

* Required Fields

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.


Accidents can happen anytime. Don’t leave them unprepared.

Your untimely accidental death could leave your family with long lasting financial burdens. Accidental Death & Dismemberment insurance can help give them a safety net.

How does it work?

As a member of One Detroit Credit Union you are eligible to enroll for $2000 of no-cost TruStage® Accidental Death & Dismemberment Insurance underwritten by CMFG Life Insurance. AD&D insurance can pay a cash benefit to your beneficiary if you die in an accident or suffer a serious injury.

What’s covered?

Once you enroll, AD&D insurance pays a cash benefit to your beneficiary if you die from an accident or you are seriously injured. Credit union members ages 18 and over can also choose to increase their protection (Member Only Plan) or their family's (Family Plan) with up to an additional $300,000 in coverage.

Acceptance is guaranteed and there are no medical questions.?

Enroll today at www.TruStage.com/ADD????

TruStage® AD&D Insurance is offered by TruStage Insurance Agency, LLC and underwritten by CMFG Life Insurance Company. ?The insurance offered is not a deposit and is not federally insured or guaranteed by One Detroit Credit Union.??? Base Policy Series E10a-014-2012, E10a-ADD-2012 and E10a-015-2012.?

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AD&D Insurance. Claim your no-cost AD&D coverage now. Tru-Stage Insurance Company.