Equity Rich Line of Credit (ERLOC)
Our ERLOC gives you the best of both worlds!
Refinance the remaining balance on your first mortgage for a lower rate and access the equity you’ve built in your home through a line of credit.
- An introductory rate of 2.99%APR1 (locked in through December 31, 2017)1
- Then converts to 3.75%APR1 (Prime+0% up to $49,999 or Prime-.25% $50,000 and up)1
Not only are there no annual or inactivity fees, but you’ll also avoid paying the fees commonly associated with refinancing a mortgage, as there are no closing costs.1 Additional features include:
- 10-year draw period; no initial draw requirement
- Convenient access through Online/Mobile Banking, HELOC checks, and in-person
- Tax deductible2
Turn your equity into cash and refinance into something more flexible.
GECU membership is required to take advantage of this offer. 1Equity 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 (January 1, 2017). 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 finance amount is $10,000. Standard 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. GECU is an Equal Opportunity Lender. GECU NMLS #449875.
2Tax Deductible: Contact a tax advisor on deductibility of interest.