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Metro Detroit • 31 mortgage lenders profiles
HELOC in Metro Detroit
Compare verified lenders for a home equity line of credit (HELOC) on your Metro Detroit home. Request a consultation and borrow with confidence.
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31Mortgage Lenders profiles
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Featured HELOC pros
Top HELOC Pros in Metro Detroit
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Belong Lending
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Capital Payday Loans
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Cassadine Reed, MLO
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Before you hire
HELOC in Detroit: what to expect
A HELOC in Detroit is a home equity line of credit: a revolving line secured by your home that you draw on as needed. Homeowners in Oakland, Wayne and Macomb counties use HELOCs for staged projects like a kitchen, windows or a basement, for tuition, or as a backup fund, while keeping their current first mortgage.
Most HELOCs have a draw period, when you can borrow and often pay interest only, followed by a repayment period. Rates are usually variable and tied to an index, so payments can change. Banks and credit unions are the most common HELOC lenders, and many offer their own versions.
If you want one fixed lump sum instead, compare a home equity loan. See all Metro Detroit lenders.
What a good engagement includes
- Review of your home value, current mortgage and equity
- Valuation of the home, by appraisal or another method
- Written HELOC disclosures and the CFPB HELOC booklet
- Explanation of the index, margin and any rate caps
- Draw period and repayment period terms in writing
- Disclosure of annual, inactivity or early closure fees
- A three business day right to cancel on your primary home
What drives the fee
- Combined loan-to-value of your mortgage and the line
- Credit score and debt-to-income ratio
- The index and the margin the lender adds
- Introductory rate terms and when they end
- Line size and draw requirements
- Appraisal and closing charges, if any
- Annual or early termination fees
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
HELOCs come with their own federal disclosures rather than a Loan Estimate. On your primary home, you generally have three business days after opening the line to cancel in writing.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Ask three lenders for written HELOC terms on the same line amount.
- Compare the margin, not only the introductory rate.
- Check rate caps, draw period length and repayment terms.
- Ask about fees to open, keep or close the line early.
- Verify the lender and loan officer on NMLS Consumer Access.
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Common questions
HELOC in Detroit: FAQ
Compare written terms from your bank or credit union and at least two other lenders, focusing on the margin, rate caps, fees and draw terms.
Combined loan-to-value, credit score, debt-to-income, the index and the lender's margin. Rebuild Detroit does not quote rates.
A HELOC suits ongoing or uncertain costs, while a home equity loan suits a single known expense and a fixed payment.
On your primary home you generally have three business days to cancel in writing. Your lender will give you a notice with the deadline.
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