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General Electric Credit Union

1st Mortgage Alternative

Unlock the best of both worlds. 

You've spent years building equity in your home – it's time to reap the benefits.

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Refinance mortgage and home equity Cincinnati OH

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. 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 12.50%). $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 12.25%). The Prime Rate is from the Wall Street Journal and is currently 5.50%, as of 12/21/18. 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.

2View Lending Disclosures

3Be sure to contact a tax advisor on their deductibility of interest.


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