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Home Equity Line of Credit

Couple home equity loan
Home equity loan

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 1.99% APR* for qualified borrowers.
  • 12 month introductory rate, prime -26% thereafter.
  • 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.)
  • We only offer home equity loans in the following states NJ, NY, PA, FL. Membership is required at the Credit union.

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.

Apply for home equity line of credit

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.

This promotion is available for a limited time and may be withdrawn at any time.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

 Maximum loan amount of $250,000

* APR – Annual Percentage Rate.  The introductory rate of 1.99%, 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 2.99%. 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 minus 0.26% margin is 2.99%. The floor rate at the end of the initial 12-month period will be 2.99%, the rate will never exceed 9.99%. 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 9.99%. 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 score 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 and or vacation residences only, existing Home Equity lines of credit must increase their line of credit by $10,000 in order to qualify.  Excludes investment property, 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. Consistent employment of 6 months minimum is required. Minimum income of $12,000 annually required. 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