Great River Federal Credit Union Logo

Make It

Just Right

With A

Home Equity Line of Credit

interest-only payments
for the first 10 years*

Mother and daughter painting wall.

Make It

Just Right

With A

Home Equity Line of Credit

interest-only payments
for the first 10 years*

Tap into the Equity of Your Home,

While Keeping Your Payments Low!

Whether you’re itching to do a home remodel, planning a vacation, or life takes an unexpected turn, a Home Equity Line of Credit (HELOC) gives you the flexibility to borrow the amount you need when you need it. The process is quick, from application to close.

Interest-Only Home Equity:

How Does it Work?

  • Revolving Loan:  Make Advances, Repay, Advance Again as Needed During Initial Draw Period

  • Draw Period: 120 months (10 Years)

  • Repayment Period: 240 Months (20 Years)

  • Monthly Payments: *Interest-Only Payments During Initial 10-Year Draw Period

  • Variable Rate – May Change Quarterly Based on Prime (See Rates)

  • Lien Position: 2nd Mortgage Only

The Benefits

N

Easy Access to Available Credit

N

Finance Up to 100% of Home's Value

N

Competitive, Variable Rates

N

No Annual Fees or Prepayment Penalties

N

Access Funds via Online Banking & Mobile App

APR7
As Low As

Term

6.25%N/A

7During the draw period (10 years) payment is interest only. During repayment period (20 years) payment will be principal and interest. On a $25,000.00 advance at a rate of 6.25% the interest-only payment would be $130.21 round up to nearest dollar equals $131.00.  Minimum payment of $60.00. APR is Annual Percentage Rate.  APR is subject to change. The rates shown are the lowest available and your rate may be higher.  The annual percentage rate can change quarterly on the 1st day of January, April, July and October. Minimum rate is 3.00% maximum rate is 18.00%.

Contact a Loan Officer Today!

Online Form

Get pre-approved online by filling out an online application. It’s quick, easy, and convenient!

Contact US Directly

Our team of Loan Officers are ready to help you customize a loan to fit your needs. Email us: [email protected]

Details

*Interest-only monthly payments for the first 10-year draw period. Monthly interest payments based on existing loan balance. Any amount over the interest-only payment is applied directly to the principal. A monthly payment is billed and due monthly. After the 10-year draw period, principal and interest payments begin. Closing costs and fees apply.

Staff NMLS#
CU NMLS #403283

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Insured by NCUA

Rates

Getting the best rate matters! See rates for all of our products on one page.

Home Equity Loans

Discover the different types of Home Equity loan products we offer.

Wait! Did we forget to introduce ourselves?!

Here is the short version.

Great River Federal Credit Union is a not for profit financial institution that was built on the foundation of helping local communities with everyday financial needs. Over the past 75+years in business; banking has evolved substantially, and we’ve evolved with it. From expanding our online platforms and product offerings, to focusing on innovation to better serve members in different parts of the world, we are now able to be the primary financial institution for anyone, regardless of where life takes them.