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
- 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 3.49% 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 11.50%). $50,000 and up has an introductory rate of 3.49%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 11.25%). The Prime Rate is from the Wall Street Journal and is currently 4.50%. 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.
3Be sure to contact a tax advisor on their deductibility of interest.
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