Home Equity Products
Need a new kitchen? Want to consolidate high interest debt? Home improvement plans? When you need money to pay for life’s major expenses, the equity that is built up in your home can be a source of real borrowing power.
Equity is the difference between the market or appraised value of your home, and the balance of all mortgages on it. At Greenville Heritage Federal Credit Union, we’ll lend you up to 85% of the value in your home, without affecting your original home mortgage!
Here’s an example:
If the appraised value of your home is: $200,000
X 85%
$170,000
and your existing mortgage is: - 100,000
you may borrow up to: $ 70,000
We offer you two great ways to borrow against the equity in your home - a Home Equity Line of Credit or a Home Equity Loan.
Home Equity Lines of Credit
§ Variable interest rates
§ No application fees
§ No annual maintenance fees
§ No escrow required
§ No points or origination fees
§ Interest payments may be tax-deductible*
· Use your available credit line again and again simply by requesting an advance
· Money you don’t use stays in reserve until you need it
§ Borrow up to 85% of the appraised value of your home, less any existing mortgages
§ Use your equity to finance home improvements, consolidate bills, buy a new car, pay college tuition, or anything at all
Home Equity Loans
· Loan dispersed in one lump sum
· Fixed interest rate for life of loan
§ No escrow required
§ No points or origination fees
· Fixed monthly payments automatically include both principal and interest
§ Borrow up to 85% of the appraised value of your home, less any existing mortgages
§ Use your equity to finance home improvements, consolidate bills, buy a new car, pay college tuition, or anything at all
It’s Easy to Apply!
Whatever your financial goals and dreams, we want to help you reach them. We offer several convenient ways to apply:
· Apply in person at any branch location
· Apply over the telephone by calling 864.467.4166 or toll-free 800.943.6928
· Apply online, 24-hours a day
· Want to learn more? Call us at 864-467-4166 to schedule a free consultation
Home Equity Lines of Credit and Loans available for owner-occupied homes located in South Carolina only. Adequate property insurance required.
* Ask your tax advisor for details.
§ No application fees
§ No annual maintenance fees
§ Interest payments may be tax-deductible*
