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SmartLine Home Equity Loan
SmartLine Home Equity Loan
A SmartLine℠ Home Equity loan acts as a hybrid between a home equity line of credit (HELOC) and a fixed-rate home equity loan. It is a revolving line of credit that offers the option to "lock" segments at fixed rates, helping you keep track of your spending while saving money.

• A maximum of up to three segments can be locked at any given time, during the draw period
• Minimum segment amount is $2,500
• Segment repayment terms range from 12 to 180 months
• SmartLine℠ Home Equity Line-of-Credit interest rates. Segment rates determined at the time the segment is locked
• $199 closing costs plus valuation fee
• As a segment is paid down, it will replenish the line of credit availability

Curious about how much your monthly payments would be? Our
SmartLine Segment Calculator can estimate that for you.

Apply online by clicking the "Apply Now" button below, within ComputerLine, by phone or at a branch.
How does SmartLineā„  work?
A recent credit report or soft credit pull will be used to determine what fixed-rate you qualify for. Once determined, the Credit Union employee will set up a segment in your account. A segment must be $2,500 or more and cannot be more than the available credit limit. There is no fee for the first segment; however, you may be charged a $25 fee for each subsequent segment.

To lock a segment, contact the Credit Union by selecting this option on ComputerLine/mobile, visiting a branch, calling, or through eMessage Center. A fee of $25 may apply to requests to reverse a segment.

The portion of a SmartLine℠ Home Equity Loan that is not locked functions like a line of credit. The interest rate charged will be based on Prime rate published in the Wall Street Journal. This interest rate is fluid and may go up or down on a monthly basis.

Interest is only charged on funds borrowed. If you have $50,000 of available credit and borrow $15,000, you will only be charged interest on the $15,000 borrowed. The additional $35,000 is available, but does not cost anything until borrowed from.

Eligible properties include primary residences and owner-occupied second homes. Properties must be located within Michigan.
What happens when I make payments?
Monthly payments are required once funds are borrowed from a SmartLine℠ Home Equity Loan. If there are no locked segments, the options for repayment are either monthly payments of 1% of the amount borrowed or Interest only, if eligible. These options are available during the 15 years of advances. After the 15 years, you will have 10 years to pay off the outstanding amount borrowed.

If there is a locked segment, repayment is made by making the fixed-rate monthly payment at the rate determined at the beginning of the lock. If there are multiple locks, the monthly payment would be the sum of the fixed-rate monthly payment of each.

If there are locks and money that has been borrowed from the line of credit, the monthly payment would be the sum of the fixed-rate monthly payment plus either 1% of the amount borrowed or interest only on the amount borrowed outside of the lock.

As payments are made, these funds replenish in your line of credit minus any interest paid. The amount owed will go down and credit availability will go up.
What is a Fixed Rate Segment and why would I want that?
A Fixed Rate Segment is choosing to take a portion of your available line of credit and putting it into a fixed-rate that has a fixed monthly payment based on the term selected. The terms are a maximum 15 years or remaining term of the 25 year loan, whichever is less. A Fixed Rate segment allows a person to have a fixed-rate loan that has the same monthly payment for a specific amount of time - making budgeting easier.

For example, if you remodeled a bathroom for $10,000 and chose five years for the term of this segment, you would make 60 monthly principal and interest payments that will be fixed for the term. As you make payments on the locked segment, that money (minus interest) becomes available in the line of credit portion of your SmartLine℠ Home Equity loan.
What are the term limits of a SmartLine℠ Home Equity Loan?
A SmartLine℠ Home Equity Loan has a term of 25 years. For the first 15 years advances may be taken from the available credit. After the advance period, there is a 10 year payback period. Once reaching the payback period, no other advances are able to be made from the SmartLine℠ Home Equity Loan. The interest rate you qualify for will be determined based on recent soft credit pull or credit report score and the amount owed will be broken down into 120 equal payments
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Get FileSmartLine Disclosure

One SmartLine Home Equity Loan per household. Eligible properties include primary residences; owner-occupied second homes; condos; modular and manufactured homes; and one- to four-unit buildings with owner occupancy in one of the units. Properties must be located within Michigan. Consult with a reliable tax advisor about the deductibility of home equity loan interest. Closing cost of $199 plus property valuation fee. You may only lock a segment of your loan during your draw period. There is no fee for the first segment; however, you will be charged a $25 fee for each subsequent segment. A fee of $25 will apply to requests to unlock a segment. Balances on segments reduce the availability on the line of credit. Your locked segment fixed interest rate will be determined based on your creditworthiness at the time your fixed-rate segment is approved. Actual APR will be determined by member's credit score at the time of the loan request. Rate subject to change. This product has a variable rate that is based on the market rate (prime plus margin). Your margin will be between 2.00% APR and 7.00% APR. Your overall rate (prime plus margin) will never fall below 2.00% APR, nor will it exceed 18.00% APR.