100% Home Equity Loan

If you’ve been waiting to make those important upgrades to your home or consolidate debt – Now is the time. You can now access up to 100% of your home’s equity. With this loan, you can borrow up to 100% of your home’s value, minus your mortgage balance. That means you’ll have the resources you need…when you need them. 

  • Competitive rates help you get the most out of your equity
  • Use money for major home improvements, college expenses or to consolidate high-interest debt
  • Interest might be tax-deductible; consult your tax advisor for full details

CHOOSE THE PRODUCT THAT WORKS FOR YOU

Home Equity Loan

  • Rates as low as 5.49% APR* for qualified borrowers.
  • Flexible repayment terms, from 5 to 20 years
  • Up to 100% financing option available
  • NO annual fee, NO application fee, NO appraisal fee or prepayment penalties
  • Opt for stability and one low fixed monthly payment
  • Primary residence only. Interest may be tax deductible (please consult your tax advisor for information.)

Home Equity Line of Credit

  • Rates as low as 4.49% APR** for qualified borrowers.
  • Repayment term up to 20 years
  • Up to 100% financing option available
  • NO annual fee, NO application fee, NO appraisal fee, NO minimum draw or prepayment penalties
  • Access funds on an “as needed” basis
  • Primary residence only. Interest may be tax deductible (please consult your tax advisor for information.)

Refinance & Save

If you already have a home equity loan from another financial institution, refinance with Greater Alliance and get 1% cash back up to a $1,000 of the loan’s value — plus our great low rate and flexible terms.

What will be required to complete your 100% Home Equity Loan or Line of Credit application?

  • A copy of the deed
  • Mortgage balances (1st, 2nd, etc.) – must be in the form of a recent bank statements or a letter from your bank stating the current balance(s)
  • A current copy of the homeowners insurance policy on the house and or Master Condo – Policy. (Should the Home Equity loan be approved, a revised copy of the policy must be submitted showing the credit union as the first or second mortgage holder. An update copy must be submitted each time the policy is renewed.)
  • Copy of last tax bill
  • Current paystubs. If additional income is needed to qualify, W-2 or tax return must be supplied
  • Cash out letter

Free Financial Coaching and Education

Overwhelmed with debt, having trouble making ends meet or budgeting each month? We have partnered with GreenPath Financial Wellness to enable our members to prepare for life’s ups and downs and build the financial foundation for their dreams.
GreenPath is a FREE member benefit to support the financial wellness of our members by working with them to:

  • Get out of Debt — If members have high interest credit card debt, a Debt Management Plan may be able to help them lower their interest rates AND pay off debt faster.
  • Create a Budget and Save Money — During a financial counseling session, members will create a spending plan that works towards their financial goals, including building savings.
  • Build Credit — Our counselors will work with members to better understand their credit report, dispute inaccurate information, and manage their credit score.
  • Plan for your Housing — Housing experts will provide support to members who are going through the home buying process, or struggling with rent or mortgage payments.
  • Educate Themselves about Personal Finance — A myriad of resources, including online learning experiences, workshop materials, articles and education handouts, support communities, and more.

Schedule An Appointment

*APR= Annual Percentage Rate. Stated 5.49% APR applies to a Fixed Rate Home Equity Loan with a term of 60 months at 100% Combined Loan to Value (CLTV). A $10,000 Home Equity Loan at 5.49% APR requires 60 monthly payments of $190.97 for principal and interest. Payment example does not include taxes and insurance (s), and the actual payment obligation may be greater. Other rates and terms are available. This rate is for borrowers with the best credit and your interest rate may be higher.

**APR –  Annual Percentage Rate. On July 31, 2020 prime rate was 3.25%. The current 4.49% APR for a Home Equity Line of credit using the prime rate plus 1.24% margin is 4.49%. This is a variable interest rate loan and the interest rate can change monthly. Other restrictions may apply.  No minimum draw required. Maximum line amount of $250,000. Loan amount is up to 100% of your home’s value less any other liens. This rate is for borrowers with the best credit and your interest rate may be higher

Home Equity loans & Lines available for single family, owner-occupied, primary residence only; excludes investment property, second and vacation homes, co-ops, mobile homes and single or double wide manufactured homes. Property insurance is required. Applicants must successfully meet our Home Equity Line and loan credit standards. Not all members will qualify for this offer. Alternative rates and terms are available. Consult your tax advisor regarding your ability to deduct Home Equity Loan interest. We only offer home equity loans in the following states NJ, NY, CT, PA, FL. Membership is required at the Credit union. Membership at the credit union requires $100 minimum balance requirement in the Share Savings Account. Membership conditions may apply. Other terms and conditions apply. A full credit check will be required for all borrowers. All advertised rates are subject to individual qualifying factors and subject to change without notice.