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Home Equity/HELOC

Put Your Home To Work By Tapping Into Your Equity

You’ve paid into your home for years – now use that equity to help finance a home improvement project or other major expenses!

Securing a low-interest home equity loan or home equity line of credit enables you a flexible way to achieve your financial goals. Choose to reduce high-interest credit cards, take a vacation, reinvest in your home, pay college tuition, and much more. 

Access the equity you’ve worked so hard to build and put it towards other aspects of your future.



  • A competitive rate that beats credit card interest rates

  • Easy application gets you as soon as same-day pre-qualification

  • Get your project underway faster with fast closing

 
Loan Type Term APR*
Home Equity Loans** 84 Months 5.50%
120 Months 5.75%
180 Months 6.00%
HELOC 20-Year Repayment Please call for rates. (800) 732-4447

    Apply in 3 Easy Steps

  1. 1

    Apply Online

    Log in to Online or Mobile Banking. Not a member?
    Click here to join and apply now!
  2. 2

    Submit

    Complete your application and submit.
  3. 3

    Get A Loan

    GHS will contact you in as little as one business day
    to secure your loan!
 

Home Equity Loan Payment Calculator

Use this calculator to calculate your monthly home equity loan payment estimate based on the amount of the loan and see how different loan terms or down payments can impact your monthly payment.

Monthly Payments

$359.25

Total Principal Paid:$25,000.00
Total Interest Paid:$5,177.09
Total: $30,177.09
VIEW TODAY'S RATES

Loan Amount

$35,970.81

Total Principal Paid:$35,970.81
Total Interest Paid:$6,029.19
Total: $42,000.00
VIEW TODAY'S RATES
 

Choose Your Home Equity Finance Option

 

Home Equity Loan

Equity is the amount of available value in your home after you deduct your existing loan. For example, if your home is worth $250,000.00, and you owe $175,000.00, you may have as much as $75,000.00 in home equity. Much of that is available to you in the form of a home equity loan.

Home equity loans are backed by the security of your home. That’s why the interest rates tend to be a fraction of what you would pay for a personal loan or a credit card. 

Once you’re approved, you’ll get a lump sum payment – it’s your money to use as you see fit. You’ll make a monthly payment on the loan going forward. The term is set, as is the monthly payment amount.

Home Equity Loan Benefits 

  • Lump sum funds great for one-time purchases

  • Low, fixed rate  

  • Easy application and fast approval

Home Equity Line of Credit (HELOC)

With a home equity line of credit (HELOC), you get borrowing power to leverage for years. And there is no limit to how you can use the funds.

Finance home improvement projects, tackle routine expenses, pay off high-interest debt, or fund your big vacation. They are also a great tool for emergency backup. If you have equity built into your home and you desire some financial wiggle room, a HELOC can deliver. 

HELOC benefits: 

  • Flexible credit use – access funds whenever you want 

  • Competitive, variable rates that beat most personal loans and credit cards

  • Easy application and fast approval

 

★★★★★

“After speaking to a loan officer from GHS, I learned I qualified for a $17,000.00 home equity loan. I refinanced my credit card debt using it, dropping the interest rates from as high as 21.00% down to under 3.00%. This is saving me thousands over the lifetime of these loans. Even better, I had enough available in my home equity loan to help me to update my home’s bathroom! I’m thrilled at how easy this was!”

— Abigail F.

 

Applying for a Home Equity Loan

To apply for a home equity loan or line of credit, complete our online application. Our team will contact you, gather your personal information and proof of your income, and then work to verify the value of your home. Within the same day, we can pre-qualify you for a loan. It can be processed quickly, so you get money in hand fast.

Discover OpportunitIES Through Home Equity Loans 

Accessibility and flexibility are two primary reasons why home equity loans are a popular way to tap into the equity in your home. 

At GHS, we offer home equity loans featuring same-day prequalification, competitive rates, fast closing, and more. Let us help you decide if a home equity loan is right for you.

CONTACT US
 

Home Equity Loans and HELOC FAQ

Home equity loans provide you with a great deal of flexibility. In most cases, you don’t have to share with us how you plan to use the funds.

Home equity loans can support your new business venture. It may be a good way for you to secure a low-interest rate loan, one that typically beats most personal loans and credit cards.

The interest rate on these loans is usually tax-deductible, but be sure to check with your tax professional to verify this in your case.

HELOCs typically have a variable interest rate. That means the interest rate can change over time.

Because the balance on your HELOC will change over time as you draw from it and pay down the balance, there’s a lot of flexibility in monthly payments. You can pay it off early by paying more than your minimum payment.

The Home Equity process usually takes about 60 days from start to finish. So, it's important to keep in mind that it may take up to two months before you close your loan and receive the funds.

After the closing, your loan officer will fund the loan within three business days after closing. The funds will be either deposited into your GHS account or issued to you in the form of checks.

There are a few things that could disqualify you from getting a HELOC or home equity loan, including:

- Loan-to-value ratio: You must have enough equity in your home to qualify. You can calculate your debt-to-income ratio by dividing the amount you owe on your mortgage by the appraised value of your home. 

- Debt-to-income ratio: Your debt-to-income ratio is the amount of debt you have compared to your income. Your debt-to-income ratio must be below underwriting guidelines.

- Title search issues: If there are problems with the title to your home, you may not qualify. 

- Unfavorable appraisal report: The appraised value of your home may be lower than the amount you owe on your mortgage. This could happen if the market value of your home has decreased.

You can contact us if you’re not sure whether you qualify for a HELOC or a home equity loan. We’ll help you determine if these financing options are the right ones for you.

 
 

**Home equity financing with added peace of mind. If you so choose, credit life insurance and credit disability insurance are also available on GHS Home Equity Loans. These policies pay on your loan should you die or become disabled. *APR = Annual Percentage Rate. Rates are shown “as low as”. Contact a GHS Federal Credit Union representative by stopping in or call (607) 723-7962 or toll free (800) 732-4447 for the most current rates. The rate and term may vary depending on each individual’s credit history and underwriting factors. All credit union loan rates, terms and conditions are subject to change at any time without notice. Refinancing of existing GHS FCU loans are not eligible. Some restrictions apply. Flood and/or property hazard insurance may be required. Credit Union Membership required with $1.00 minimum deposit and $1.00 membership fee.

 

HOME EQUITY LOANS AND HELOC RESOURCES

HOME EQUITY LOAN PROS & CONS: IS IT RIGHT FOR YOU?

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CAN YOU REFINANCE A HOME EQUITY LOAN?

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HOME EQUITY LOAN VS. CASH-OUT REFINANCE

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