Whether you need to make home repairs, purchase a vehicle, or take a vacation, a GEMC FCU Home Equity line of credit might be right for you. Once you establish your line of credit, you only pay interest on the amount you borrow. Plus, since the equity in your home is used as collateral, you'll typically find very attractive rates and longer term options. Best of all, you may be able to deduct the interest from your taxes*.
GEMC FCU offers several different Home Equity programs
Real Estate Home Equity Access
Type of property secured:
- Single family, primary residence or vacation home
- Mobile home including lot (mobile home must be permanently secured on property owned by loan applicant)
Equity available:
- 80% of property valuation less first mortgage balance, if any
Equity 100
Type of property secured:
- Single family, primary residence
Equity available:
- 100% of property valuation less first mortgage balance, if any
Real Estate-Unimproved Land
Type of property secured:
- Single family, primary residence
Equity available:
- 70% of appraisal or purchase price, whichever is less
Member Advantage Equity Loan
Type of property secured:
- Single family, primary residence
Equity available:
- 95% of property valuation less first mortgage balance, if any
Prime Equity Loan
Type of property secured:
- Single family, primary residence
Equity available:
- 80% of county Tax Assessment less first mortgage balance, if any
*Consult your tax advisor for details |
