1st Mortgage Alternative
Equity Rich: the answer to taking out or refinancing a short-term 1st Mortgage loan! GECU offers both Fixed Equity Rich loans and an Equity Rich Line of Credit when you need an alternative option to a traditional 1st Mortgage:
- Fixed Equity Rich Loans can be utilized as a new, fixed-rate, short-term 1st Mortgage, or as an option for refinancing an existing mortgage. It has a maximum term of 15 years.
- Equity Rich Lines of Credit (ERLOC) have lower rates than traditional Lines of Credit and cost far less than traditional 1st Mortgages. As you pay-off your 1st Mortgage, you can borrow on your Line of Credit up to the available limit. It is available for a 10-year period with a 5-year repayment period.
CURRENT ERLOC SPECIAL! An introductory rate of 2.99%APR through December 31, 2017; then converts to 3.75%APR.1 Learn more >>
Great features of these loans include:
- For your primary residence only
- Maximum loan-to-value is 80%
- No closings costs, application fee, or escrow account2
- No prepayment penalties
- Free Line of Credit checks
- Make transfers from your Line of Credit in Online Banking2
- Tax deductibility3
1GECU membership is required to take advantage of this offer. Equity Rich Line of Credit (ERLOC): Offer is limited to owner-occupied, single-family property located in Ohio, Kentucky, and Indiana. APR = Annual Percentage Rate. For qualified borrowers only. New money and refinances from other financial institutions only. Offer is subject to change at any time. Line of credit up to $49,999 has an introductory rate of 2.99% through December 31, 2017 and then converts to a rate of Prime - 0%; the rate is subject to adjustment on the first day of each calendar quarter to Prime - 0% (subject to program minimum APR of 3.75% after the introductory period; the maximum APR for this loan plan is 9.99%). $50,000 and up has an introductory rate of 2.99% through December 31, 2017 and then converts to a rate of Prime - .25%; the rate is subject to adjustment on the first day of each calendar quarter to Prime - .25% (subject to program minimum APR of 3.75% after the introductory period; the maximum APR for this loan plan is 9.99%). The Prime Rate is from the Wall Street Journal and is currently 3.75%. There is no annual fee. The minimum line of credit is $10,000. Standard closing costs are generally waived. The loan must be for a primary residence only. Maximum 80% loan to value (LTV). Property insurance required to open plan.
2View Lending Disclosures
3Be sure to contact a tax advisor on their deductibility of interest.
GECU NMLS #449875