Home Equity

Home Equity

How You Use the Equity from Your Home Matters!  

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.


You Can Now Apply Online!


Two Great Options to Choose From:

Home Equity Line of Credit

The Details:

  • Apply for a credit limit that you can draw against in various amounts, as needed
  • Payments will 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
  • Quicker loan process and turn time than traditional mortgages

 

For detailed product information, please view the Home Equity Line of Credit Initial Disclosure 

The Benefits:

  • Borrow on an as-needed basis (for emergencies, vacations, or other expenses)
  • Rates lower than many other loans
  • Pay interest only when you have a balance
  • Borrow up to 80% of your home’s appraised or assessed value, less the outstanding first mortgage balance
  • No Annual Fees or Prepayment Penalties
  • Easy access to funds with online banking

Home Equity Loan

The Details:

  • Borrow up to 80% 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 or 10 years
  • Quicker loan process and turn time than traditional mortgages

The Benefits:

  • Enjoy low fixed rates
  • Perfect for members who want to borrow a certain amount and have set monthly payments
  • No Annual Fee or Prepayment Penalties

House Made of Tools

Our Loan Officers can help you find the Home Equity Loan that’s right for you. 

_loandept@greatriverfcu.org