Home Equity Loans

With our climate, a pool can be enjoyed year round.

With our climate, a pool can be enjoyed year round.

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 3.99% APR & terms to 20 years
  • No points and no fees
  • Financing up to 80% of your home’s value less any outstanding loans
  • Easy to apply in person or online – download our GCEFCU Home Equity Packet if you want to apply in person

Please use the following links only for Home Equity loans:

apply app_status

 

For questions about home equity loans contact:

 

Breanna Kenney
NMLS# 1149825
Direct – 832-327-8159
bkenney@gcefcu.org

 

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. A home equity loan of $50,000 for 5 years at 3.99% APR will have a monthly payment of $922.03. Taxes and Insurance are not included, your actual payment may be higher.

 

Rates

BASE APRAPR RangeTermNotes
3.99%3.99% - 11.99%Up to 60 monthsAll rates quoted in Annual Percentage Rate. Actual rates may vary based upon credit qualifications.
4.49%4.49% - 12.49%61 - 120 monthsRates subject to change without prior notification.
4.74%4.99% - 12.74%121 - 180 monthsContact credit union for further fees, rules and restrictions. Add 1.00 % for 2nd lien
4.99%4.99% - 13.99%181 - 240 monthsContact credit union for further fees, rules and restrictions. Add 1.00 % for 2nd lien

For questions about home equity loans contact:

 

Breanna Kenney
NMLS# 1149825
Direct – 832-327-8159
bkenney@gcefcu.org

 

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. A home equity loan of $50,000 for 5 years at 3.99% APR will have a monthly payment of $922.03. Taxes and Insurance are not included, your actual payment may be higher.

 

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

For questions about home equity loans contact:

 

Breanna Kenney
NMLS# 1149825
Direct – 832-327-8159
bkenney@gcefcu.org

 

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. A home equity loan of $50,000 for 5 years at 3.99% APR will have a monthly payment of $922.03. Taxes and Insurance are not included, your actual payment may be higher.

 

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

For questions about home equity loans contact:

 

Breanna Kenney
NMLS# 1149825
Direct – 832-327-8159
bkenney@gcefcu.org

 

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. A home equity loan of $50,000 for 5 years at 3.99% APR will have a monthly payment of $922.03. Taxes and Insurance are not included, your actual payment may be higher.

 

Would a home equity loan benefit you?

The First Step
The first step in determining whether or not a Home Equity Loan would be of benefit to you is filling out the worksheet provided here. If your estimated amount to borrow is less than $15,000, you would not qualify for a Home Equity 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.
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.

Frequently Asked Questions

1: How long does the home equity loan process take?

A: The process takes about 3 – 5 weeks once we have a completed signed application.

 

2: How long can I do the loan for?

A: We offer 5, 10, 15, & 20 year terms for any loan amount.

 

3: How much can I borrow?

A: The minimum is $15,000 and the maximum is 80% of the home’s appraised value, minus what you currently owe on it.

 

4: Will I need an appraisal and how much is it?

A: This is determined by how much you are borrowing and the value of your home. The appraisal fee is $525 paid upfront & non-refundable (cannot be taken out of loan proceeds).

 

5: I’ve taken cash out of my home before, can I still do a home equity loan?

A: Yes, if it has been at least 12 months. You will be required to pay off the cash out loan with the new home equity.

 

6: Do you offer Home Equity Lines of Credit, also known as HELOC loans?

A: No, we do not offer HELOCs at this time.

 

7: Can I use my rental property for a home equity loan?

A: No, we only do home equity loans on your primary residence. You must live in the home you want to use as collateral. The county must also reflect a residential homestead to be approved.

 

8: My Payroll is deposited directly into my GCEFCU account, do you still need my paystubs?

A: Yes. When we calculate income, we use the gross income amount, which is the higher income amount shown on your pay stub (gross income = before any deductions). Your direct deposit only shows the net amount (net income = after deductions). Therefore, your net income gives you less income to qualify.

 

9: Can my payments be set up twice a month?

A: No, all of our real estate loan payments are set up to be paid monthly on the 1st of every month.

 

10: Can I refinance the home equity I currently have for a lower rate?

A: We require that you add a minimum of $15,000 to your loan to refinance to qualify for no closing costs.

 

For questions about home equity loans contact:

 

Breanna Kenney
NMLS# 1149825
Direct – 832-327-8159
bkenney@gcefcu.org

 

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. A home equity loan of $50,000 for 5 years at 3.99% APR will have a monthly payment of $922.03. Taxes and Insurance are not included, your actual payment may be higher.