Home Equity Loans & Lines of Credit

A Greater Way to Equity

What is home equity? Home equity is the difference between your home’s market value and the remaining balance on your mortgage.

If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. With a home equity loan or home equity line of credit, you can borrow against the value of your home. This could be a good strategy for you if you need to get extra money to pay for a large expense.

There are two ways to get value from your home. Compare your options:

Home Equity Loan

You’ll receive a one-time lump sum loan payout. You need a specific amount for an immediate need. Example uses:

  • Buying a car
  • Major home renovation

With our Fixed Term Home Equity Loans, you can borrow up to $250,000 to be paid back in equal payments, for up to 20 years.

  • Rates as low as 3.99% APR
  • No closing costs in most states*
  • We offer 5, 10, 15 and 20 year terms
  • No annual fees
  • Loan amount is up to 80% of your home’s value less any other liens.
  • Interest may be tax deductible (Please consult your tax advisor for information.)
  • Receive 1% Cash Back up to a $1,000 when you refinance your existing loan from another financial institution with us

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Skip Your Fixed Home Equity Loan

Our Skip-a-Pay service will offer you the convenience of skipping your payment on any qualifying 5, 10, 15, and 20 Year Home Equity loan. You will be able to skip payments quickly and securely, 24 hours a day, 7 days a week. Learn more!

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​You’re able to borrow from your home as a line of credit, similar to borrowing with a credit card. You can borrow what you need, as you need it, up until you reach your credit limit. You anticipate needing funds over time. Example uses:

  • Ongoing medical expenses
  • Home improvements
  • Paying for higher-education

With our HELOC, you’ll have the funds you need, when you need them, to help make those big changes in your life a success. It’s easy and secure, and you only have to pay interest on what you actually use.

  • Rates as low as 1.99% APR*
  • No closing costs in most states**
  • We offer 5, 10, 15 and 20 year terms
  • No annual fees
  • Minimum line amount of $25,000. Maximum line amount of $250,000. Loan amount is up to 80% of your home’s value less any other liens.
  • Interest may be tax deductible (Please consult your tax advisor for information.)
  • Receive 1% Cash Back up to a $1,000 when you refinance your existing loan from another financial institution with us

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  1. *APR – Annual Percentage Rate. This promotion is available for a limited time and may be withdrawn at any time. The promotional Annual Percentage Rate (APR) will not change until the first day of the 13th month after the day of the loan closing. After the introductory period, the loan will become a variable rate loan and the interest rate and payment may change. The prime rate is based on the highest prime rate published in the Wall Street Journal. On June 19, 2018  prime rate was 5.00%. The current APR for a Home Equity Line of Credit using the prime rate minus 0.26% margin is 4.74%. The floor rate at the end of the initial 12 month period will be 2.99%. The APR will never exceed 8.99%. If applicable, your payments will change on the first day of the month. At no time during the life of your loan will your interest rate go below 2.99% after the one year introductory rate, nor will it go any higher than 8.99%. Your annual rate change per year cannot exceed 2.00%. You can select a term of 20 years with a “draw period” of 7 years. Other restrictions may apply. Some Non-NJ Properties may have State Tax related closing costs. If the loan is paid off within two years, the borrower agrees to reimburse the Credit Union for closing costs initially waived in the amount of $750, and that the member authorizes the Credit Union to withdraw the money from their Credit Union account. Loan Rates and current offer are subject to individual qualifying factors and may change at any time without notice, your rate may be higher. Minimum line amount of $25,000. Maximum line amount of $250,000. Loan amount is up to 75% of your home’s value less any other liens. This promotion applies only to new lines of credit and is not available to refinance existing loans with GAFCU. Promotion available for single family, owner-occupied, primary residence only; excludes investment property, second and vacation homes, condos, co-ops and single or double wide manufactured homes. Property insurance is required. Applicants must successfully meet our Home Equity Line credit standards. Not all members will qualify for this promotional offer. Alternative rates and terms are available. Some Non-NJ Properties may have State Tax related closing costs. **Consult your tax advisor regarding your ability to deduct Home Equity Loan interest. Credit union membership required to apply for any of our products and services.

We are your home for all your home equity needs. 

If you’re a member, apply now!

If you’re not a member, it’s easy to become one. Click here to get started. Membership requires only $100 in a savings account.

You can also call us at us at 888-554-2328 x290 or stop by any Greater Alliance branch locations.

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Member Testimonials

Have questions? Contact our Home Equity Specialist:

Home Equity Loan FAQs

Why do I need a home equity loan?

Everybody has unexpected expenses, cash shortfalls, home repairs or large purchases to make. Instead of cashing in stocks or other investments that may increase in value over time, you can use the equity in your home to open a Home Equity Line of Credit (HELOC) or home equity loan. You’ll get a low interest rate and the flexibility of low monthly payments, too.

How do I choose between the different home equity products?

Each type of product has specific advantages. For example, the home equity line of credit (HELOC) gives you the flexibility to use the funds on an “as-needed” basis. On the other hand, the home equity loan gives you a one-time draw with a fixed rate that is especially useful for a large initial purchase. Consult with our Home Equity Specialist to find the loan that’s right for your situation.

How much equity do I need in my home to take out an Home Equity Loan or HELOC?

The amount of equity you currently have in your home will determine the Home Equity Line of Credit (HELOC) limit or Home Equity Loan value. Consult with our Home Equity specialist to determine your estimated credit limit or loan value amount.

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