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Meet Our Home Mortgage Lenders

Whether you are buying a home or refinancing to lower your payment, our mortgage experts are here to assist you every step of the way. Our team will work with you to ensure you have the right mortgage solution to meet your needs and goals. Our approach is characterized by helpful and responsible lending, quick responses to all of your questions, competitive rates and flexible terms.

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Thinking About a Home Equity Line of Credit (HELOC)?

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5 Facts You Should Know Before Approaching Banks in Michigan

Father with sonAs a homeowner, you may have heard about home equity loans or a home equity line of credit (HELOC). Each uses your home as collateral to utilize the available equity; it is a second mortgage on your home, or in some cases a first, if you do not have an existing mortgage.

A HELOC may be more convenient and cost-effective than other types of loans.  Here are 5 facts explaining how:

1) A Home Equity Line of Credit is a Flexible Loan

Unlike a fixed amount home equity loan in which you take a lump sum of money upfront and repay the bank in monthly payments over time, a HELOC acts more like a credit card. You’re approved for a maximum amount of credit, then borrow what you need and put the funds toward significant expenses like home improvement projects, medical fees, or college tuition. And like a credit card, you have the ability to re-access the funds up to the line amount approved by your bank.

2) A HELOC has a Lower Interest Rate than a Credit Card

By using your home as collateral for the HELOC, you’ll usually pay less interest to borrow money. Monthly repayments are low because many banks in Michigan offer the option to make interest-only payments and repay the principal amount after a set term; and you only pay interest on the amount you’ve borrowed.

Most HELOC loans have a variable interest rate based on the prime rate, meaning the interest you pay may increase or decrease as the Federal government changes the prime interest rate.

3) When a HELOC is Used for Home Improvements, Interest is Tax Deductible

Although revisions to the U.S. tax laws affected deductions, interest remains deductible for HELOC funded home-improvement projects. If you use HELOC funds for remodeling or home additions, be sure to log your expenses to capture the full deduction at year-end.

The tax code does limit the amount of allowable interest and combines mortgage debt with home equity debt. The updated law allows interest deductions on total home debt up to $750,000 if you’re single or married and filing a joint return. Consult your tax advisor to determine if you may be eligible for a tax deduction.

4) Some Banks in Michigan (and across the U.S.) May Lend Up to 90% of Your Home’s Value

Home equity loans typically restrict borrowing to 80 percent or less of your property value. When applying for a HELOC through a Michigan bank, check with the lender to determine the lending limit. Level One Bank, for example, may offer HELOC loans up to 90 percent of your property’s appraised value if you meet specific qualifications. Contact a member of our Mortgage team to learn more.

5) Online Technology Makes HELOC Loans More Accessible

After a recent survey from J.D. Power & Associates highlighted Michigan banks have responded. Now, applying, making payments, and reviewing HELOC loan information is possible through most online and mobile banking platforms.


Father with sonAre you thinking about enhancing your home’s kitchen or outdoor patio as Michigan’s weather improves? Whether you’re looking to consolidate some debt, pay for college tuition, or book that trip to Europe, a home equity line of credit is useful in many ways, including turning your dreams into reality!

Talk with the team at Level One Bank to learn if a home equity line of credit is the right solution for you. We’re the Michigan bank committed to helping you realize your passions.

“Do something today that your future self will thank you for” – Brett Wilson


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