Home Equity Loans
Home Equity Loans
Having your home work for you can be very advantageous. You can use the equity in your home for a variety of expenses including home improvements, college tuition, other major purchases or for consolidating debt. We currently offer three different types of Home Equity Loans to meet your needs.
On our popular Home Equity Line of Credit, you can borrow from $10,000 to $250,000 in the form of a revolving credit line. With this loan, you have a variable rate, but since it is a revolving line of credit, you can borrow and pay it down as you wish for a term of 10 years (at which point the loan may be re-evaluated and re-applied for). There are no closing costs with the Home Equity Line of Credit and you can easily access your funds either from the branch, online or you can even use checks. We will finance up to 80% of your home’s value. This loan may be a good option for someone wanting to consolidate debt or fund home improvements. We also often see members using this type of loan to help pay for a child’s college education or to pay for that dream vacation.
With our Fixed Home Equity Loan, you can borrow from $5,000 to $75,000 for up to 180 months. You can enjoy peace of mind knowing you will have a fixed rate, fixed loan amount, and a fixed term. There are no up-front closing costs and we can finance up to 80% of Combined Loan to Value (CLTV).
There are possible tax benefits of Home Equity Loans. Please consult with your tax advisor for details. Early closure fees may apply on all Home Equity Loans if closed within 24 months. To apply for a Home Equity Loan, please call us at 775.333.4228 to apply by phone or simply click the “apply” button at the top of this page to apply online.
Borrow up to 80% Combined Loan To Value (CLTV). On approved credit; for qualified borrowers. No closing costs; no points; no origination fees. Appraisal may be required; can be reimbursed upon funding. The interest rate is variable and is tied to the Prime Rate as listed in the Wall Street Journal. Interest rate may change quarterly. Annually, your payment may change as a result of changes in the Prime Rate throughout the year. Home Equity Line of Credit Annual Percentage Rate (APR) based on Prime + 50 basis points (Prime = 5.25% as of 9/27/18). Prime + 50 basis points will apply for the life of your loan; not a promo rate. Fixed Rate Home Equity Loans also available. Great Basin FCU will finance qualifying new Home Equity Loans or refinance qualifying Home Equity Loans from other financial institutions. Existing GBFCU loans not eligible for refinance. Please ask for examples of CLTV.