Home equity rates

Rates are accurate as of October 2023 and are subject to change without notice. 

Home Equity Loan term products

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HELOC's (Home Equity Line of Credit)

Rate assumptions

Home Equity Term Loan (5 year, 10 year and 15 year term fixed rate)

The sample Annual Percentage Rate (APR) and monthly fixed-rate payment amount shown are for illustrative purposes and are subject to change. The samples assume the following;

• 1-to-2 unit maximum owner occupied primary residence
• Loan Term of 5, 10 or 15 years as stated in the table
• Loan amount of $50,000
• Maximum Loan to Value of 80%
• Minimum FICO score of 760
• Average fees of $490.00. Other fees not affecting the APR may apply. 

• Rates include a .25% discount for optional automatic payment from a Macatawa Bank account and an additional .25% discount for a first lien position.

Rate and payment amounts may vary based on property value, loan amount, loan-to-value, credit score and other variables. Your loan's interest rate will depend on the specific characteristics of your loan transaction and your credit profile up to the time of closing. Your actual rate and payment amount may be higher or lower than the advertised rate and payment amount. Taxes, property insurance, and flood insurance are not included in the monthly payment amount. Property type restrictions and other limitations apply. Other rates and terms are available. Property insurance is always required and flood insurance is required where necessary. This is not a credit decision or a commitment to lend. 

Home Equity Line of Credit (HELOC)

The sample Annual Percentage Rates (APR) shown are for illustrative purposes and are subject to change.  The APR on the HELOC is variable and is based upon The Wall Street Journal U.S. Prime Rate plus a margin and will vary with Prime Rate, but will not exceed 25%.

The samples assume the following;

• 1-to-2 unit maximum owner occupied primary residence
• Loan term of 25 years (10 year advance period, followed by a 15 year repayment period)
• Loan amount of $50,000
• Maximum Loan to Value of 80%
• Minimum FICO score of 760
• The APR does not include costs. No Loan Processing Fees apply; however, other fees that do not affect the APR may apply. 

HELOCs $249,900 and under have a 10-year advance period followed by a 15-year repayment period. During the advance period, you will be required to make monthly payments of accrued interest. Payments will increase if rates increase. Your minimum payment during the Advance Period will not decrease the principal balance on your account. At the end of the advance period, your required monthly payments will increase because you will be paying both principal and interest.

Rate and payment amounts may vary based on property value, loan amount, loan-to-value, credit score and other variables. Your loan's interest rate will depend on the specific characteristics of your loan transaction and your credit profile up to the time of closing. Your actual rate and payment amount may be higher or lower than then the advertised rate. Property type restrictions and other limitations apply. Other rates and terms are available. Property insurance is always required and flood insurance is required where necessary. There is a $75 annual fee which is waived for the first year. There is an early termination fee of 1% or 2% (up to $250) of the principal balance depending on lien position if your HELOC is closed before the third anniversary. This is not a credit decision or a commitment to lend.