Let Us Take Care of Your Home Equity Needs
Your credit union has a full-service real estate lending department to handle your mortgage, land loan or home equity needs. Our team stands ready to assist you with all of your needs from buying or refinancing a home to financing land for your retirement home or using your home’s equity for home improvements.
Home Equity Loans
Home Equity Loans
A Home Equity loan can be used for many things, including a new pool for the backyard.
The purpose of Home Equity Loans is to help you make a big one-time purchase of lasting value, such as home improvements, paying for a child’s college education or consolidating large amounts of credit card debt. Here are some key features from our home equity loans:
- Rates as low as 2.99% APR* & terms to 20 years
- No fees charged by GCEFCU**
- Financing up to 80% of your home’s value less any outstanding loans
- Interest is usually tax deductible, just ask your tax advisor
- Easy online application
For information about our home equity loans including current rates, contact one of the credit union’s home equity loan officers:
Trisha De La Rosa  |
Victoria Martinez  |
*APR = Annual Percentage Rate. All rates are subject to change without notice. Taxes and insurance are not included, your actual rate and payments may be higher based on your credit score and the terms of your loan. No other promotional discounts may be applied. Additional requirements may apply. A home equity loan of $50,000 for 5 years at 2.99% APR will have a monthly payment of $898.00.
As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.
As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.
Rates
Rates
| BASE APR | APR Range | Term | Notes |
|---|---|---|---|
| 5.99% | 5.99% - 13.99% | 60 months | Add 1.00 % for 2nd lien |
| 6.49% | 6.49% - 14.49% | 120 months | Add 1.00 % for 2nd lien |
| 6.74% | 6.74% - 14.74% | 180 months | Add 1.00 % for 2nd lien |
| 6.99% | 6.99% - 14.99% | 240 months | Add 1.00 % for 2nd lien |
| All rates quoted in Annual Percentage Rate. Actual rates may vary based upon credit qualifications. Rates subject to change without prior notification. Contact credit union for further fees, rules and restrictions. | |||
*APR = Annual Percentage Rate. All rates are subject to change without notice. Taxes and insurance are not included, your actual rate and payments may be higher based on your credit score and the terms of your loan. No other promotional discounts may be applied. Additional requirements may apply. A home equity loan of $50,000 for 5 years at 2.99% APR will have a monthly payment of $898.00.
As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.
As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.
Requirements
Requirements
- Home Equity loans are a $15,000 minimum
- Property must be homestead
- A borrower may obtain only one equity loan at a time
- An equity loan may not be financed more frequently than once a year
- There is no pre-payment penalty
- Loan closings must occur in the office of the lender, title company or Attorney
- Closing documents MAY NOT be executed before the 12th day after the lender received an executed credit application and Notice concerning extensions of credit
- There is a 3-day Right of Recession period after the loan documents are signed before loan proceeds will be distributed (Sundays and legal holidays excluded)
- All loans may be subject to an appraisal
- Flood determination required
Required Documents
Required Documents
The following documents are REQUIRED to process the loan:
- Executed credit application
- 1 month of pay stubs (last two (2) years tax returns if self-employed, retired, or income is from commissions)
- Mortgage statement(s) to show current mortgage loan balances and payment
- Deed of trust
- Proof of Homeowners Insurance
Frequently Asked Questions
Would a home equity loan benefit you?
The First Step
The first step is to figure out how much you can borrow. If your estimated amount to borrow is less than $15,000, you would not qualify for this type of loan.
The first step is to figure out how much you can borrow. If your estimated amount to borrow is less than $15,000, you would not qualify for this type of loan.
Another Consideration
Another consideration would be to consult with a tax professional to find out if you can deduct the interest and charges from your taxes. If not, a Home Equity Loan would be of little value to you unless the rate was incredibly low.
Another consideration would be to consult with a tax professional to find out if you can deduct the interest and charges from your taxes. If not, a Home Equity Loan would be of little value to you unless the rate was incredibly low.
Points to Consider
One of the most important points to consider is that you are using your home as collateral on a contractual obligation. You are less likely to lose your home with a Home Equity Loan than with other types of home-secured loans such as a mortgage, but the reality remains that you could lose your home if you fail to make payments or violate other terms on your loan.
One of the most important points to consider is that you are using your home as collateral on a contractual obligation. You are less likely to lose your home with a Home Equity Loan than with other types of home-secured loans such as a mortgage, but the reality remains that you could lose your home if you fail to make payments or violate other terms on your loan.
Frequently Asked Questions
1: How long does the home equity loan process take?
2: How long can I do the loan for?
3: How much can I borrow?
4: Will I need an appraisal and how much is it?
5: I’ve taken cash out of my home before, can I still do a home equity loan?
6: Do you offer HELOC loans?
7: Can I use my rental property for a home equity loan?
8: My Payroll is deposited directly into my GCEFCU account, do you still need my paystubs?
9: Can my payments be set up twice a month?
10: Can I refinance the home equity I currently have for a lower rate?