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Reminder that all our branches and drive-thrus will be closed on Monday, October 9th in observance of Columbus Day. You will be able to access your accounts via using our Digital Services & at any of our nearly 85,000 Surcharge-free ATMs. We will reopen during normal business hours on Tuesday, October 10th.
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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 6.99%** APR* for qualified borrowers.
  • 12 month introductory rate, prime – 0.26% 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.
home equity line of credit
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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

We are your home for all your equity needs!

This promotion is available for a limited time and may be withdrawn anytime. Effective6-12-23

* APR – Annual Percentage Rate.  The introductory rate of 6.99%, the 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 8.24%.  After the promotional period, the loan will become variable-rate, 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 26, 2023, that prime rate was 8.50%. The current Home Equity Line of Credit APR using the prime rate minus 0.26% margin is 8.24%. The floor rate at the end of the initial 12-month period will be 6.99%, the rate will never exceed 15.99%. 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 6.99% after the one-year introductory rate, nor will it go any higher than 15.99%. 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 fixed rates.

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 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 the current offer is subject to individual qualifying factors and may change at any time without notice, your rate may be higher.

Promotion is available only for single-family, owner-occupied, primary, or vacation residences.  Existing Home Equity lines of credit must increase their line of credit by $10,000 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. **Consult your tax advisor regarding your ability to deduct Home Equity Loan interest. Credit union membership is required to apply for any of our products and services.   All borrowers must have or open a savings account and must be a member in good standing.  Membership requires a $100 minimum balance in the share savings account to avoid fees and to apply for a loan. Consistent employment of 6 months with a minimum income of $12,000 is required. We only offer home equity loans in the following states: NJ, NY, PA, and FL.  Some Non-NJ Properties may have State Tax-related closing costs.