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Home Equity Loans & Home Equity Lines of Credit

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Let your house pay you back.

Your house is an asset that can help you reach your financial goals. When you have equity in your home, you can turn it into an affordable home equity loan that can be used for a variety of needs: Home Improvements, Debt Consolidation, Vacations, College Tuition and more!

Two Great Options To Choose From

Flex Home Equity Line of Credit

  • Apply for a credit limit that you can draw against in various amounts as needed.
  • Payments will vary from month to month based on the current balance of the line of credit.
  • Offers a "Lock" benefit that allows you to convert a portion of the outstanding balance to a fixed rate home equity loan in $5,000 or more increments.
  • Keep remaining portion of your line of credit open for draws and payments as needed.
  • Remaining balance stays at the Line of Credit rate.
Home Equity Line of Credit Special
Effective Date: Monday, September 28th, 2020
12 Month Promotional Rate
Loan to ValueAPR as low as*Maximum APR
80.00% 1.99% 18.00%
*Annual Percentage Rate designated as APR. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval, not all applicants will qualify. The 12-month introductory period begins on the loan closing date. After the introductory period, the loan reverts to the APR as stated in the HELOC agreement. The APR is the sum of the index plus margin. The maximum/minimum APR that can be imposed is 18.00%/1.99%. During the Draw Period, your Minimum Payment will equal the greater of (i) $50 or (ii) the periodic finance charges, and other fees, charges, and costs. During the Repayment Period, if any, your minimum payment will equal 1/120th of your unpaid Account Balance at the end of the Draw Period, plus all periodic finance charges and other fees, charges, and costs. The minimum line of credit is $5,000 and the minimum draw amount is $100. Home Equity Loans will not exceed a loan to value of 80%. Fees charged for the closing of a Home Equity Line of Credit start at $275 and could be as high as $1,500. A home equity line of credit is secured by a first or second mortgage lien on your primary residence only. Flood and/or property hazard insurance may be required. Other restrictions may apply. See Credit Union for complete details. Credit Union reserves the right to end the promotion at any time and without notice.
Flex Home Equity Line of Credit
Effective Date: Monday, September 28th, 2020
Variable Rate
Loan to Value up toAPR as low as*Maximum APR
80.00% 3.25% 7.25%
*Annual Percentage Rates (APR) are tied to the Prime Rate published in The Wall Street Journal. Rates and terms may vary depending upon credit qualifications and lien position. A full appraisal may be required depending on credit score.

Fixed-rate, Fixed-term Home Equity Loan

  • Apply once for a specific loan amount with a specific term.
  • Payments will be the same every month until the loan is paid off.
  • Perfect for members who want to borrow a certain amount and have set monthly payments.
Home Equity - Fixed Term
Effective Date: Monday, September 28th, 2020
Loan to Value up toRate as low asAPR as low as*Approximate Term
80.00% 3.75% 3.78% up to 5 years
80.00% 4.25% 4.27% up to 10 years
*Annual Percentage Rates (APR) and terms may vary depending upon credit qualifications and lien position. A full appraisal may be required depending on credit score. Interest rates shown here are available to borrowers with excellent credit. Your actual rate, payment and costs could be higher. Get an official loan estimate before choosing a loan.

 

Which Home Equity Loan Is Right For Me?

A home equity loan is a type of loan in which you use the equity in your home as collateral. They are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan does create a lien against your house and reduces actual home equity. We're here to help find the right option for you.

  Flex Home Equity
Line of Credit
Fixed-Rate
Home Equity Loan
Choose this loan if you:
  • Want to borrow on an as-needed basis (for emergencies, vacations, or other expenses)
  • Are comfortable with payments that vary based on the amount borrowed
  • Have a set amount you need to borrow
  • Want to know exactly what your monthly payments will be over the term
With this loan, you can:
  • Borrow up to 80% of your home’s appraised or assessed value less the outstanding first mortgage balance
  • Benefit from a rate that’s lower than many other loans
  • Pay interest, only when you have a balance.
  • Use the "Lock" benefit that allows you to convert a portion of the outstanding balance to a fixed rate home equity loan in $5,000 or more increments.
  • Borrow up to 80% of your home’s appraised or assessed value, or 80% of your home's appraised value less the outstanding first mortgage balance
  • Enjoy low fixed rates
  • Choose from terms up to 15 years
Fixed-Rate Home Equity Loan

Choose this loan if you:

  • Have a set amount you need to borrow
  • Want to know exactly what your monthly payments will be over the term

With this loan, you can:

  • Borrow up to 95% of your home’s appraised or assessed value, or 90% of your home's appraised value less the outstanding first mortgage balance
  • Enjoy low fixed rates
  • Choose from terms up to 10 years
Flex Home Equity Line of Credit

Choose this loan if you:

  • Want to borrow on an as-needed basis (for emergencies, vacations, or other expenses)
  • Are comfortable with payments that vary based on the amount borrowed

With this loan, you can:

  • Borrow up to 90% of your home’s appraised or assessed value less the outstanding first mortgage balance
  • Benefit from a rate that’s lower than many other loans
  • Pay interest, only when you have a balance.

 

Closing Costs

There are minimal closing costs charged once your loan is funded. Those costs can be taken from the first draw, loan proceeds, or paid directly at closing.

Home Equity Loan FAQ

How do home equity loans work?

Home equity loans are a type of loan in which your home is used as collateral. As opposed to a mortgage, which is used to buy your home in the first place, home equity loans allow you to borrow a set amount of money against the value of your home, as determined by an appraiser.

What are the different types of home equity loans?

Home equity loans typically take two forms: home equity loans and home equity lines of credit. Home equity loans are closest to a typical loan, in that the loan is for a fixed amount that is repaid over time, whereas a home equity line of credit allows you to access your money more flexibly as needed.

What can you use home equity loans for?

Home equity loans function much like a standard personal loan in that the money can be used for anything you want. Typically, home equity loans are used to cover existing debts (such as credit cards) or other outstanding loans, as they can often offer more favorable terms and interest rates (relative to the value of your home and the amount of the loan).

What is a home equity line of credit?

Similar to a home equity loan, a home equity line of credit (or HELOC) is a loan where your home is used as collateral, and the amount of the loan is determined by the value of your home at the time the loan is taken. The difference, however, is that a HELOC is a standing credit limit that can be drawn against in various amounts as needed. This helps set it apart from standard loans that offer a fixed amount, by allowing you to withdraw only as much as you need against the total credit limit.

How do you pay back a home equity line of credit?

HELOCs offer the same monthly payments as home equity loans, or nearly any other type of loan. However, your monthly payments aren’t nearly as fixed with a HELOC as they are with a standard loan - your payment will vary from month to month based upon the current balance of the line of credit, as opposed to standard loans with a fixed monthly payment. This allows for greater flexibility within your budget, and allows you to better control how the money in the HELOC is used.

How long are home equity loans?

Home equity loans tend to have variable terms based upon the principal amount and interest amount of the loan. Most Genisys home equity loans have terms of either up to 5 years, or up to 10 years, depending on the amount and rate.

How are home equity loans calculated?

Home equity loans are typically calculated by comparing the amount left on your mortgage by the overall value of your home. For a more specific breakdown of what your home equity loan might be, use our home equity calculator.

Get Started Today!

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