Is it time to replace that leaky roof, pay for unexpected expenses, or consolidate your debt? Your credit union can help with a low-cost Home Equity Line of Credit (HELOC).
What is a HELOC? As you have been living in your home, you’ve been accruing equity. In the simplest terms, the equity of your home is the portion of it you own outright by paying against your mortgage. By using this equity, you may qualify for a line of credit at a low interest rate. Our HELOC allows you to draw the loan funds as needed — for home improvements, vacations, emergencies — you decide. You can even re-borrow from the principal at a later date during the open-ended phase of the loan. And the interest on your home equity financing may be tax-deductible.
Your path to better borrowing in Greenville County.
Second mortgages are also available. This is different from a mortgage as it is a Home Equity Loan. Based on the equity in your home, borrow a lump sum of money and pay the loan off in fixed payments at a fixed interest rate over the life of your loan.
The Equity in Your Home
Calculate a Home Equity Loan Payment
Calculate a Home Equity Line of Credit Payment
Using Home Equity for a Major Purchase
Home Equity Loan or Line of Credit?
Consolidating Debt with Home Equity
Paying Off a Home Equity Loan or Line of Credit
HOME MORTGAGE DISCLOSURE ACT NOTICE
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda).
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