Home Equity Line of Credit

While homeownership comes with a significant cost, it’s also the best investment you can make. A home equity line of credit is your return on that investment, using your home’s equity to put cash on hand for whatever you want, whenever you need it until you reach your credit limit. You anticipate needing funds over time for things such as:

  • 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 2.99% APR* for qualified borrowers.
  • No closing costs in most states**
  • We offer 20 year term
  • 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.)

Plus receive these additional benefits:

  • NO application fee
  • NO annual fee or prepayment penalty
  • NO minimum draw required
  • NO appraisal fee
  • Convenient and easy application process from start to end.
  • Debt Protection – Protect your loan balance or loan payments against, death, disability or involuntary unemployment. It’s voluntary and won’t affect your loan approval.

What will be required to complete your HEL or HELOC 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

Refinance & Save

If you already have a home equity line of credit 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.

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. On July 31, 2020 prime rate was 3.25%. The current APR for a Home Equity Line of Credit using the prime rate minus 0.26% margin is 2.99%. 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 80% 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.