Home Equity Loans & Home Equity Lines of Credit
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 or HELOC 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 (HELOC)
- 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.
| Flex Home Equity Line of Credit | ||
| Effective Date: Friday, December 8th, 2023 | ||
| Variable Rate | ||
| Loan to Value up to | APR as low as* | Maximum APR |
| 80% | 8.536% | 18.00% |
| *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: Friday, December 8th, 2023 | |||
| Loan to Value up to | Rate as low as | APR as low as* | Approximate Term |
| 80.00% | 6.49% | 6.57% | up to 5 years |
| 80.00% | 6.99% | 7.03% | 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 (HELOC) |
Fixed-Rate Home Equity Loan |
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| With this loan, you can: |
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| Fixed-Rate Home Equity Loan |
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Choose this loan if you:
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With this loan, you can:
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| Flex Home Equity Line of Credit |
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Choose this loan if you:
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With this loan, you can:
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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.
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