Turn Your Big Dreams Into Reality

Whether you are looking to remodel your home, paying for your kid’s college tuition, looking to consolidate your credit card debt, or planning a dream vacation, with a Home Equity Loan, you have options. Here are some key features from our home equity loans:

  • Rates as low as 5.99% 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




BASE APRAPR RangeTermNotes
5.99%5.99% - 13.99%60 monthsAdd 1.00 % for 2nd lien
6.49%6.49% - 14.49%120 monthsAdd 1.00 % for 2nd lien
6.74%6.74% - 14.74%180 monthsAdd 1.00 % for 2nd lien
6.99%6.99% - 14.99%240 monthsAdd 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.



  • 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

Before you start your loan pre-qualification process, you will need the following documentation for your loan officer to review.

General Documentation:

  • 30 days worth of paystubs dated within 30 days of your application date (*GCEFCU cannot use direct deposit information for mortgage applications)
  • 2 years worth of W2s, 1099s, etc.
  • 2 years worth of tax returns (if self-employed, collecting rental income, or required by loan officer)
  • Documents reflecting retirement income or benefits being collected (award letters, 1099s, statements, etc.)
  • 2 months worth of bank statements from the account(s) you are seeking use for closing cost/down payment
  • 2 forms of valid government identifications

Home Equity Loans:

  • Most recent mortgage statement (if applicable)
  • Deed of Trust(s) on your home(s) (if applicable)
  • Current homeowners, windstorm, and/or flood insurance policies for each property owned


  • If you own more than one property, please provide the mortgage statement, insurance policies, and/or rental agreements (if applicable)
  • If you have student loans in deferment please provide documentation on the terms or your student loan(s).


Miscellaneous Forms

Once you have started your home equity loan process, you may be required to submit additional forms. The most commonly requested forms are listed below:

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.
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


*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 5.99% APR will have a monthly payment of $966.00.

**The credit union does not charge any fees. You may be charged fees from outside companies, such as appraisers or HOAs.

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.