A Home Equity Line of Credit is money for a new addition.
Or college tuition.

  • Money available as a revolving line of credit
  • Draw on money for up to 10 years, repay over 15 years
  • Access money by transferring to your checking account through Online Banking
  • Low closing costs

Offering a flexible interest-only option.

  • IO-HELOCs are best for funding big plans in the short-term, while budgeting for the future
  • All of the benefits of a regular HELOC with lower, interest-only payments
  • No annual fee
  • No minimum draw requirements

Applying for a HELOC or IO-HELOC at Michigan Schools and Government Credit Union is a quick and easy process. We can hold the closing at your home, your place of business or wherever is most convenient for you. Another advantage is that interest paid on the loan may be tax deductible. Consult your tax advisor for more details.

Home Equity Line of Credit (HELOC)
TypeTermAPR* as low as
Rate Special**
Variable - 80% Loan-to-Value 10-year draw period;
15-year repayment		 4.99%
Standard
Variable - 90% Loan-to-Value 10-year draw period;
15-year repayment		 7.50%

*APR = Annual Percentage Rate. Rates may vary, based on term, credit history, collateral, and whether this loan will serve as a first or second lien. Variable rates are tied to market index (or prime rate), not to exceed 18.0% APR. Minimum initial credit advance required based on credit limit. $75 annual fee may apply and third party fees paid by MSGCU to be reimbursed up to $500 if line of credit is closed within 36 months of loan opening. Michigan properties only.

**A fixed promotional rate of 4.99% APR is available on qualifying Home Equity Lines of Credit (HELOCs), including Interest-Only Home Equity Lines of Credit (IO-HELOCs). For existing HELOCs in good standing, the promotional rate applies to advances made between January 1, 2026 and March 31, 2026, and will remain in effect on those advances through June 30, 2026, after which the rate will revert to the standard variable rate as disclosed in your Home Equity Addendum. For newly opened HELOCs, the promotional rate applies to HELOCs funded between January 1, 2026 and March 31, 2026, and will remain in effect for six (6) months from the loan funding date on advances made during that three-month promotional funding period, after which the rate will revert to the standard variable rate as disclosed in your Home Equity Addendum. Existing balances prior to the promotional period are not eligible. At the end of the introductory rate, on June 30, 2026 for existing HELOCs or six (6) months from the loan funding date for newly opened HELOCs, your APR changes to a variable rate of interest as low as 6.75%, although your applicable rate may differ based upon your credit history available as of the date of loan approval. The variable rate is based on an index plus margin and will not exceed 18.00% APR. Maximum loan-to-value of 80% applies. Loan is subject to credit approval. Other terms, conditions, and restrictions may apply. Promotion is subject to change. See MSGCU for complete details.

 

Interest-Only Home Equity Line of Credit (IO-HELOC)
TypeTermAPR* as low as
Rate Special**
Variable - 80% Loan-to-Value 10-year draw period;
15-year repayment		 4.99%
Standard
Variable - 90% Loan-to-Value 10-year draw period;
15-year repayment		 7.75%

*APR = Annual Percentage Rate. Rates may vary, based on term, credit history, collateral, and whether this loan will serve as a first or second lien. Variable rates are tied to market index (or prime rate), not to exceed 18.0% APR. No initial credit advance required. No annual fee. Interest calculated on current balance only. Interest-only payments are not applied to loan principal. Third party fees paid by MSGCU to be reimbursed up to $500 if line of credit is closed within 36 months of loan opening. Michigan properties only.

**A fixed promotional rate of 4.99% APR is available on qualifying Home Equity Lines of Credit (HELOCs), including Interest-Only Home Equity Lines of Credit (IO-HELOCs). For existing HELOCs in good standing, the promotional rate applies to advances made between January 1, 2026 and March 31, 2026, and will remain in effect on those advances through June 30, 2026, after which the rate will revert to the standard variable rate as disclosed in your Home Equity Addendum. For newly opened HELOCs, the promotional rate applies to HELOCs funded between January 1, 2026 and March 31, 2026, and will remain in effect for six (6) months from the loan funding date on advances made during that three-month promotional funding period, after which the rate will revert to the standard variable rate as disclosed in your Home Equity Addendum. Existing balances prior to the promotional period are not eligible. At the end of the introductory rate, on June 30, 2026 for existing HELOCs or six (6) months from the loan funding date for newly opened HELOCs, your APR changes to a variable rate of interest as low as 6.75%, although your applicable rate may differ based upon your credit history available as of the date of loan approval. The variable rate is based on an index plus margin and will not exceed 18.00% APR. Maximum loan-to-value of 80% applies. Loan is subject to credit approval. Other terms, conditions, and restrictions may apply. Promotion is subject to change. See MSGCU for complete details.