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100% Home Equity Loan

100% Home Equity Loan
100% Home Equity Loan
One of the benefits of membership if you live, work, worship, go to school, volunteer or do business in Bergen & Passaic counties, NJ is our 100% Home Equity Loans & Credit Lines. 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
  • We only offer home equity loans in the following states NJ, NY, PA, FL
  • 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,  up 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 3.49*% APR** for qualified borrowers.
  • 12 month introductory rate, prime plus 1.24% thereafter.
  • 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

Easy Online Loan Application

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.

 Maximum loan amount of $250,000

Rates shown above are for qualified borrowers and as of 04/01/2021. Rates are subject to change without notice. Not all borrowers will qualify. Actual rate may vary based on credit worthiness. Consistent employment of 6 months minimum is required. Minimum income of $12,000 annually required.

*APR= Annual Percentage Rate. Stated 5.49% APR applies to a Fixed Rate Home Equity Loan up to 240 months at 100% Combined Loan to Value (CLTV). A $10,000 Home Equity Loan at 5.49% APR requires 60 monthly payments of $191.02 for principal and interest. Payment example does not include taxes and insurance (s), and the actual payment obligation may be greater. Disclosed rates are for applicants with the best credit score. Your rate may be higher.

Home Equity loans 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. Additional 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, PA, FL. Some Non-NJ Properties may have State Tax related closing costs. 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. Credit union membership required to apply for any of our products and services. ALL borrowers must have or open a savings and must be a member in good standing, membership requires $100 minimum balance in a share savings account to avoid fees and to apply for a loan

This promotion is available for a limited time and may be withdrawn at any time. Effective 04/12/2021

**APR – Annual Percentage Rate.  The introductory rate of 3.49%, Annual Percentage Rate (APR) is a promotional rate and will not change until the first day of the 13th month after the day of the loan closing. If the promotion were not in effect, the Annual Percentage Rate would be 4.49%. After the promotional period, the loan will become a variable rate loan and the interest rate and payment may change. The interest rate is based on the highest prime rate published in the Wall Street Journal. On July 31, 2020 that prime rate was 3.25%. The current APR for a Home Equity Line of Credit using the prime rate plus 1.24% margin is 4.49%. The floor rate at the end of the initial 12-month period will be 4.49%, the rate will never exceed 11.24%. 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 4.49% after the one-year introductory rate, nor will it go any higher than 11.24%. Your 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. Contact the credit union for more information about loan terms including the variable rate.

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 disclosed are for applicants with the best credit record and current offer is subject to individual qualifying factors and may change at any time without notice, your rate may be higher.

Promotion is available for single family, owner-occupied, primary residence only, existing Home Equity lines of credit must increase their line of credit by $10,000 in order to qualify.  Excludes investment property, second and vacation homes, 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 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. Consistent employment of 6 months minimum is required. We only offer home equity loans in the following states: NJ, NY, PA, FL.