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Home Equity

How you use the equity in your home, matters.

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Three Options to Choose from.

Make the most of your home’s equity by taking advantage of the value you’ve been building. Borrow the resources you need, at the rates and terms that make sense for your budget.

Home Equity Loans can be used for home improvements, education expenses, debt consolidation, and more – you can benefit financially simply by owning your home.

Home Equity Line of Credit:

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What are Home Equity Lines of Credit?

  • Apply for a credit line that you can draw against in various amounts, as needed
  • Borrow up to 100% of your home’s appraised or assessed value, less the outstanding first mortgage balance
  • Payments may vary from month-to-month based on the current balance of the line of credit
  • Keep remaining portion of your line of credit open for draws and payments, as needed
  • Variable rate loan based on the prime rate, subject to change quarterly

Benefits of Home Equity Lines of Credit

  • Borrow on an as-needed basis (for emergencies, vacations, or other expenses)
  • Rates lower than many other loans
  • Interest is charged, only when you carry a balance
  • No annual fees or prepayment penalties
  • Easy access to funds with online banking
  • Quicker loan process and turn time than traditional mortgages

Interest-Only Home Equity Line of Credit

  • 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

*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.

Home Equity Loan:

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What are Home Equity Loans?

  • Borrow up to 100% of your home’s appraised or assessed value, less the outstanding first mortgage balance
  • Apply once for a specific loan amount, with a specific term
  • Available terms: 5, 10, 15, and 20 years
  • Quicker loan process and turn time than traditional mortgages

Benefits of Home Equity Loans:

  • Enjoy low fixed rates
  • Perfect for members who want to borrow a certain amount and have set monthly payments
  • No prepayment penalties

CU NMLS #403283

As Low As


7.25%5 Years
7.25%10 Years
7.50%15 Years
7.75%20 Years

As Low As



As Low As



5APR is Annual Percentage Rate. Subject to credit approval. The rates listed assume automatic payment methods and are for new loans to GRFCU.  Rates reflect all available discounts.  Other fees and restrictions may apply.  Loan amounts will be determined by income and other factors, including collateral details. An example of payment is 7.25% APR over for 5 years will be $19.92 for every 1,000 borrowed. Rates are subject to change at any time without notice.

6APR is Annual Percentage Rate. APR is subject to change. The rates shown are the lowest available and your rate may be higher. Variable rate products based on a margin above the Wall Street Journal posted Prime Rate. Maximum rate of 18.00% APR and require proof of property insurance. Rate margins will be assigned based on credit scores and other factors. Other fees and restrictions may apply. See the HELOC Early Disclosure for complete details.

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 8.50% the interest-only payment would be $177.08 round to the nearest dollar equals $177.00. 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%.

Apply Online

Complete our online loan application within minutes!

Schedule an Appointment

Speak with a Loan Officer via video chat or at a branch. 

Play around with the numbers*

*This is not a quoting tool. To get your customized quote, you must apply.

Personal Loan

Life is constantly changing, and it’s important to have the option to borrow money when it matters most. 


Getting the home of your dreams matters. Learn about our home loan products.


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