Michigan Home Equity Loans & HELOCs

Great Lakes lending for the Great Lakes State

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Licensed in Michigan • Lakefront Property Specialists • Upper Peninsula Coverage

Current Michigan Home Equity Rates

Updated daily rates from licensed Michigan lenders

HELOC Rates in Michigan

Variable Rate Range:6.50% - 17.75%
Prime Rate + Margin:8.50% + 0.00% - 2.25%
Credit Score 740+:Starting at 6.50%
Lakefront Properties:Competitive rates available
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Home Equity Loan Rates in MI

Fixed Rate Range:7.00% - 12.74%
15-Year Term:7.00% - 12.24%
20-Year Term:7.25% - 12.74%
30-Year Term:7.50% - 12.99%
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Rates shown are for qualified Michigan borrowers and subject to change. Lakefront and Upper Peninsula properties may have special considerations.

Michigan Home Equity Market

Market insights for Michigan homeowners

$201K
Median Home Value
Michigan statewide
$60K
Average Available Equity
For homeowners with 20%+ equity
71%
Homeownership Rate
Above national average (65%)
6.5%
Annual Appreciation
5-year average home value growth

Michigan Home Equity Market Features

Popular Uses in Michigan:

  • •Home winterization and energy efficiency
  • •Basement finishing and improvements
  • •Lakefront property improvements
  • •Debt consolidation
  • •Education funding

Michigan Advantages:

  • •Affordable housing in most areas
  • •Valuable lakefront and waterfront properties
  • •Growing tech and healthcare sectors
  • •Strong regional banking presence
  • •University communities with stable markets

Michigan Home Equity Regulations

Michigan Consumer Protections

Michigan Consumer Protection Act

Michigan's Consumer Protection Act provides broad protections against unfair, unconscionable, or deceptive practices in home equity lending.

This act works alongside federal regulations to protect borrowers from predatory lending practices.

Mortgage Broker and Lender Licensing

Michigan requires licensing and regulation of mortgage lenders and brokers, ensuring they meet professional standards and consumer protection requirements.

Licensed lenders must follow strict guidelines for fair lending and proper disclosure practices.

Homestead Exemption

Michigan provides a homestead exemption of up to $40,475 that protects home equity from creditors, though it doesn't affect voluntary liens.

This exemption provides important protection for Michigan homeowners while allowing home equity lending.

Disclosure Requirements

Michigan requires comprehensive disclosure of all loan terms, including variable rate information, payment changes, and risks of home equity borrowing.

All disclosures must be provided in clear, understandable language before loan commitment.

Seasonal Property Considerations

Michigan lenders have experience with seasonal and lakefront properties, understanding unique valuation and usage considerations.

Special appraisal methods may be used for properties with seasonal access or unique lakefront characteristics.

Serving Michigan Communities

Licensed home equity lenders serving homeowners throughout the Great Lakes State

Lower Peninsula

Detroit
Grand Rapids
Warren
Sterling Heights
Lansing
Ann Arbor

Lakefront Areas

Traverse City
Holland
Grand Haven
Muskegon
Petoskey
South Haven

Upper Peninsula

Marquette
Escanaba
Houghton
Iron Mountain
Sault Ste. Marie
Menominee
Flint
Dearborn
Livonia
Troy
Westland
Farmington Hills
Kalamazoo
Wyoming
Southfield
Rochester Hills
Taylor
Pontiac
St. Clair Shores
Royal Oak
Novi
Dearborn Heights
Battle Creek
Saginaw

Michigan Home Equity FAQ

Common questions about home equity loans and HELOCs in Michigan

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