Low Home Equity Loan Rates
Home equity loans are an easy way to finance the things you want in life.
With our low home equity loan rates – as low as 1.99% APR* – you can use the equity in your home for:
- Home improvements
- Medical expenses
- Other big-ticket purchases
A Variety of Home Equity Loan Interest Rates and Terms
Choose a 5, 10, 15 or 20-year term … whatever best fits your need.
Our home equity loan interest rates and terms are as follows:
- Five year home equity loan rates– 2.99% APR
- Ten year home equity loan rates – 3.24% APR
- Fifteen year home equity loan rates – 3.49% APR
- Twenty year home equity loan rates – 4.24% APR
Borrow up to $250,000 to be paid back in equal payments for up to 20 years!
No matter the rate and term, your Greater Alliance home equity loan includes:
- No closing cost in most states (*We service home equities in the following states NJ, NY, CT, PA, FL)
- Low fixed rates and payments
- No annual fees
- Interest that may be tax deductible (*Please consult your tax advisor for information)
Refinance and Get up to $1000 Cash Back
Consolidate your debt from credit cards or other financial institutions into one loan.
Not only will you get your choice of the great rates, terms and benefits listed above, but you will also get up to 1% Cash back of the amount refinanced or up to a $1000 when you refinance your home equity loan from another financial institution with GAFCU.
1.99% APR 1 Year Intro HELOC Loan**
Getting a Home Equity Line of Credit (HELOC) from Greater Alliance Federal Credit Union is easy, secure and comes at a great rate and term: our 1.99% APR** 12 Months Intro HELOC Loan – Prime Minus 0.26 thereafter minimum draw of $25,000!
Because a HELOC works as a revolving line of credit, you’ll have the funds you need – up to $250,000 – when you need them, to help make those big changes in your life a success.
*APR = Annual Percentage Rate. Available for single family, owner-occupied, primary residence only; excludes investment property, second and vacation homes, condos, co-ops and single or double wide manufactured homes. Property insurance is required. Applicants must successfully meet our Home Equity Loan credit standards. Not all members will qualify for this promotional offer. Alternative rates and terms are available. Some Non-NJ Properties may have State Tax related closing costs. Credit union membership required to apply for any of our products and services. We service home equities in the following states NJ, NY, CT, PA, FL
**APR – Annual Percentage Rate. This promotion is available for a limited time and may be withdrawn at any time. The promotional Annual Percentage Rate (APR) will not change until the first day of the 13th month after the day of the loan closing. After the introductory period, the loan will become a variable rate loan and the interest rate and payment may change. The prime rate is based on the highest prime rate published in the Wall Street Journal. This promotion applies only to new lines of credit and is not available to refinance existing loans with GAFCU. Promotion available for single family, owner-occupied, primary residence only; excludes investment property, second and vacation homes, condos, co-ops and single or doublewide manufactured homes. Property insurance is required. Credit union membership required and applicants must successfully meet our Home Equity Line credit standards. Not all members will qualify for this promotional offer. Alternative rates and terms are available. Some Non-NJ Properties may have State Tax related closing costs.
On January 1, 2018 that prime rate was 4.50%. The current APR for a Home Equity Line of Credit using the prime rate minus 0.26% margin is 4.24%. The floor rate at the end of the initial 12-month period will be 4.24%. The APR will never exceed 8.99%.If applicable, your payments will change on the first day of the month. At no time during the life of your loan will your interest rate go below 3.24% after the one-year introductory rate, nor will it go any higher than 8.99%. Your annual rate change per year cannot exceed 2.00%. You can select a term of 20 years with a “draw period” of 7 years. Other restrictions may apply. Some Non-NJ Properties may have State Tax related closing costs. If the loan is paid off within two years, the borrower agrees to reimburse the Credit Union for closing costs initially waived in the amount of $750, and that the member authorizes the Credit Union to withdraw the money from their Credit Union account. Loan Rates and current offer are subject to individual qualifying factors and may change at any time without notice, your rate may be higher. Minimum line amount of $25,000. Maximum line amount of $250,000. Loan amount is up to 75% of your home’s value less any other liens.
Credit union membership requires $100 minimum balance requirement in the Share Savings Account. Membership conditions may apply. Other terms and conditions apply. This offer is subject to change without notice.