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.

  • No closing costs in most states*
  • Rates as low as 3.99% APR* for up to 5 years for qualified borrowers.
  • Other rates and terms available
  • 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.)
  • For those months when you need some extra cash in your pocket we also allow qualified individuals to Skip-A-Payment.

Plus receive these additional benefits:

  • NO application fee
  • NO annual fee or prepayment penalty
  • NO appraisal fee
  • Primary residence only doesn’t include COOPs
  • Interest may be tax deductible (Please consult your tax advisor for information)
  • 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 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.

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 3.99% APR applies to a Fixed Rate Home Equity Loan with a term of 60 months at 80% Combined Loan to Value (CLTV). A $10,000 Home Equity Loan at 3.99% APR requires 60 monthly payments of $184.12 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. Rates and terms are subject to credit approval and may change without notice. Consult your tax adviser for tax-deduction eligibility on Home Equity Loans. Property Insurance is required. The Credit Union reserves the right to change any conditions of these programs, or to withdraw them, without prior notice.Promotion 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 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. Membership requires $100 deposit in the savings account to avoid any fees.