Home Equity

A home equity loan can eliminate payments on your credit cards, vehicle loans, personal loans, and make home improvements.


If you have equity in a property, you are eligible for the benefits of a home equity loan including:

  • Equity position up to 80% of the appraisal less the 1st mortgage balanceHouse Made of Tools
  • Fixed and adjustable rates available
  • No pre-payment charges or penalties
  • No annual membership or participation fees

Our Home Equity Line of Credit is a form of revolving credit in which the equity in your home serves as collateral.

A home equity line of credit allows you to draw out money when you need it.

Generally, people use a Home Equity Line of Credit because it’s a convenient way to pay for major items such as education, home improvements and repairs, medical bills, emergency expenses, automobiles, and even weddings.


  • Variable rate loan based on the prime rate subject to change quarterly
  • No pre-payment charges or penalties
  • Minimum APR* of 3.0% and maximum APR of 18.0%
  • Advance funds 24/7 with online banking and CALL 24
  • For detailed product information, please view the Home Equity Line of Credit Initial Disclosure



*APR -Annual Percentage Rate.  Closing costs range from $46 – $1000.  Consult a GRFCU representative for details.  The APR is based on the Prime Rate.  As of June 30, 2013 the variable rate for home equity lines of credit is 3.25%.