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Why a home equity loan?
A home equity loan lets you tap into your home's value, helping you finance major life expenses like home improvements, debt consolidation, or education. With fixed rates and predictable payments, this loan offers flexibility and peace of mind.
At orsa credit union, we offer competitive rates and personal service for your home equity loan. Our team is dedicated to making your borrowing experience smooth and stress-free. We guide you every step of the way to ensure you choose the right loan for your needs.
Apply for a home equity loan
Ready to unlock the value of your home? Apply today for a home equity loan!
Personalized Borrowing
The good stuff
Enjoy low rates, flexible terms, and a personalized approach to borrowing. At orsa, we put your needs first.
Great features
- Fixed rates & predictable payments: Enjoy the stability of fixed monthly payments at a competitive interest rate.
- Access to large amounts of capital: Borrow a lump sum based on the equity in your home for major expenses, up to 100% of your home’s value.
- Flexible loan terms: Choose terms that fit your budget and financial goals.
- orsa member advantage: Receive personal guidance and exceptional service tailored to your needs.
- Save on your loan: Quarter percent discount available with direct deposit into an orsa account.
- No hidden fees or surprises: Transparency is key—no application fees, and no hidden charges.
Interest may be tax deductible. Contact your tax advisor!
Home Equity Loan Rates
Date Updated Aug 29, 2026
Variable Rate HELOC |
|---|
APR* as low as 6.25% 4.75% Promo rate—existing HELOCs 5.25% Promo rate—new HELOCs |
Fixed Rate HE Term Loans |
APR* as low as |
*Home Equity Lines of Credit: Annual Percentage Rate (APR) is based on a $25,000+ line of credit, 80% Loan to Value (LTV) and an excellent credit score. Estimate assumes a 0.25% discount for a monthly direct deposit of at least $100 into an orsa account. Rates are based on the published Wall Street Journal Prime Rate and subject to change without notice. Additional rates available based on loan amount, LTV and individual credit history. Maximum rate 25.00% APR, minimum rate 2.00% APR. If you close your line of credit plan within the first 24 months you will be required to reimburse the credit union for the bona fide fees paid on your behalf.Insurance: You may be required to maintain insurance on the property securing this line of credit.Fees and charges: Fees associated with this account may range from $0.00 to $3,000. You may be required to pay certain fees to third parties to open the plan. These fees generally total between $50.00 and $300.00. There are specialty loan programs that have fees that range between $1,500.00 and $3,000.00. If you request, we will provide you with an itemization of the fees you will have to pay to cover third party expenses.Home Equity Term Loans: APR is based on a $25,000 loan amount, 60 month term, 80% LTV, and an excellent credit score. Estimate assumes a 0.25% discount for a monthly direct deposit of at least $100 into an orsa account. Actual rate based on loan amount, LTV, term and individual credit history. A 60 month term would result in 72 payments (then we need to provide the actual payment amount or the way they are calculated). As well, if there is any balloon payment at the end of the term, this must be explicitly stated. Even if the standard product does not have a balloon, if any version of the loan offered could result in one, it must be addressed.
HELOC
Looking for a HELOC instead?
A Home Equity Line of Credit (HELOC) lets you borrow against your home’s value—like a credit card with your house as collateral. Use it for home improvements, big expenses, or whatever’s next, with flexible access and competitive rates.
Home is where the Belonging is
Guide
HELOC for Home Improvement: What Michigan Homeowners Need to Know
The state’s harsh winters and older-than-average housing stock mean Michigan homeowners often need to renovate more often. The good news is that a Home Equity Line of Credit (HELOC) can make those renovations far easier to finance. Using smart financing and finding the right renovation projects can translate into serious long-term benefits. Here, we explain how to make that choice based on your unique needs.
Guide
HELOC vs. Home Equity Loan for Michigan Homeowners
Even after an interest rate cut in 2025, Michiganders are still getting squeezed between high borrowing costs and rises in the cost of living. That’s made paying for things like home improvements or even retirement more difficult than ever. Fortunately, in times like this, Michigan homeowners can turn to their own home equity to finance their needs and wants more conveniently and affordably.
News
Additional $220k secured for affordable housing in Michigan
In 2024, we committed $60,000 to purchase over 20 acres of land destined for affordable housing in northeastern Michigan. Thanks to their relentless pursuit of doing the right thing, it was only the beginning…
Loans From orsa
Other loan options
Looking for a different kind of loan? We offer a wide range of borrowing solutions to fit your needs, including personal loans, home equity lines of credit, and more.
Frequently Asked Questions
Home Equity FAQ
Learn more about the advantages of using home equity loans.
A home equity loan lets you borrow money using the equity in your home as collateral. It provides a lump sum that is repaid over time.
To qualify, you'll need a certain amount of equity in your home, a good credit score, and a stable income.
Home equity loans offer low interest rates, fixed terms, and predictable monthly payments, making them ideal for large expenses.
Most applications are processed in less than three weeks, though this timeline can vary. We'd be happy to walk you through the timeline of your loan in more depth during the application process.
You can apply online, over the phone, or in person at one of our branches. Our team is ready to help you through the application process.
Apply Today
Ready to take the next step? Apply now for your home equity loan and unlock the power of your home.
Current Mortgage Holders
Need help with an existing mortgage?
If you need to chat about your current orsa mortgage, our mortgage servicing team is here for you!
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