A SmartLine Home Equity loan is a hybrid between a home equity line of credit (HELOC) and a fixed-rate home equity loan. It is a revolving line of credit with the option to "lock" segments at fixed rates. Use our SmartLine Segment Calculator to estimate your monthly payments.
To apply, click the Apply Now button below or contact the Home Loans Department directly at 517-333-2424 x2266.
The SmartLine Home Equity Loan typically has an origination fee and valuation report fee. Additional costs apply for property in select states (AL, FL, GA, MN, SC, TN, and VA).
The SmartLine Home Equity Loan has a $299 Origination Fee that is paid when the loan is funded. The valuation report fee includes either a property inspection report or an appraisal, and is up to $230 for most homes (newly built or remodeled homes, recent purchases, manufactured homes, multi-unit homes, or homes with unique/complex features may be higher). The valuation report is paid for at the time of the service, and is the only fee that is paid prior to closing.
For properties in Georgia and South Carolina, closings must be conducted by an attorney requiring a $225 closing fee.
Select states charge a state/local mortgage recordation tax, which is paid as part of your closing costs. The amounts listed below are per $100 of credit limit. For example, for a $100,000 credit line for a property in Florida, the state/local tax is $350.
Alabama ($0.15 per $100 of credit limit), Florida ($0.35 per $100 of credit limit), Georgia charges a flat $10 GRMA fee, Minnesota ($0.23 per $100 of credit limit, plus local tax in select counties), Tennessee ($0.115 per $100 of credit limit over $2,000), and Virginia ($0.25 state tax per $100 of credit limit, plus local tax up to $0.0833 per $100 of credit limit in select counties).
Privacy Notice, What You Should Know About Your Home Equity Line-of-Credit, Smartline Home Equity Loan - How Does it Work
The SmartLine Home Equity Loan is available for homes in the following states: Michigan, Illinois, Alabama, Arizona, Colorado, Florida, Georgia, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. One SmartLine Home Equity Loan per property. household. Eligible properties include primary residences; owner-occupied second homes; condos; modular and manufactured homes; and one- to four-unit buildings with owner occupancy in one of the units. Consult with a reliable tax advisor about the deductibility of home equity loan interest. $299 origination fee plus valuation report fee apply. Additional costs apply in select states, including an attorney closing fee (for property in GA and SC), and state/local mortgage recordation tax (for property in AL, FL, GA, MN, TN, and VA). You may only lock a segment of your loan during your draw period. There is no fee for the first segment; however, you will be charged a $25 fee for each subsequent segment. A fee of $25 will apply to requests to unlock a segment. Balances on segments reduce the availability on the line of credit. Your locked segment fixed interest rate will be determined based on your creditworthiness at the time your fixed-rate segment is approved. Actual APR will be determined by member's credit score at the time of the loan request. Rate subject to change. This product has a variable rate that is based on the market rate (prime plus margin). Your margin will be between 0.00% APR and 7.00% APR. Your overall rate (prime plus margin) will never fall below 2.00% APR, nor will it exceed 18.00% APR. Any special offer does not apply to the cost of the valuation report, appraisal, attorney closing fees, or mortgage recordation tax.
APR is annual percentage rate, and is subject to change. Your rate will depend on your credit score and the term. The loans subject to credit approval.
