An alternative to a traditional mortgage.
Refinance your primary mortgage at our lower rate while gaining access to your home's equity. We offer two options when you're looking for an alternative to a traditional mortgage loan.
- Fixed Equity Rich Loans can be utilized as a new, fixed-rate, short-term mortgage loan, 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 mortgage loans. As you pay-off your 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.
Great features of these loans include:
- For your primary residence only
- No 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. Rates listed as of published date (October 1, 2018). 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 3.99% for six (6) months 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 12.25%). $50,000 and up has an introductory rate of 3.99% for six (6) months 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 12.00%). The Prime Rate is from the Wall Street Journal and is currently 5.25%, as of 10/01/18. There is no annual fee. The minimum finance amount is $10,000. Closing costs are generally waived, however, any closing costs charged will increase the APR. The loan must be for a primary residence only. Maximum 80% loan to value (LTV). Property insurance required to open plan.
3Be sure to contact a tax advisor on their deductibility of interest.
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