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* up to 20 years for qualified borrowers.
- 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.
- 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 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.
Apply for a home equity loan
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 3.99% APR applies to a Fixed Rate Home Equity Loan with a term of up to 240 months at 80% Combined Loan to Value (CLTV). A $10,000 Home Equity Loan at 3.99% APR requires 60 monthly payments of $184.16 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 and or vacation residences only; excludes investment property, 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. 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.