Home Equity and Home Equity Line of Credit (HELOC)

There is hidden money in your home that you can put to work. Turn that money into something you need now! 

You can refinance an existing loan from another financial institution and save with GHS. Why pay more?

The Benefits of a GHS Home Equity Loan

Why secure home equity financing from GHS?

For more than 70 years, we’ve provided our members with quality financial services at an affordable cost. And, with GHS multipurpose home equity financing, you’ll also benefit from:

  • Same day pre-qualification
  • Fast closing
  • An interest rate that beats that of a credit card or personal loan
  • Our loan officers help you get the most equity from your home
  • Financial help and recommendations for your personal situation

Home Equity Loans

Loan TypeTerm (Approximate)Non-Variable APR*
Rate shown as low as with discount up to .25%***
Home Equity Loans**84 Months5.75%
120 Months6.00%
180 Months6.50%
Home Equity Lines of Credit20-Year Repayment Period/5-Year DrawPlease call for rates.

GHS offers two types of home equity financing

  • Home Equity Loan
  • Home Equity Line of Credit (HELOC)

Home Equity Loan

Homeowners typically select a GHS home equity loan to cover a large, one-time expense, like a home improvement project. At closing, you receive a lump sum payment that equals the entire amount of the loan. A home equity loan has a fixed interest rate, so you can lock in a competitive rate and not be concerned with payment fluctuations throughout the loan’s term. Best of all, the interest rate on a home equity loan is typically lower than what you’d pay on a credit card or personal loan – and oftentimes the interest you pay is tax deductible. (Check with a trusted tax advisor for details.)

Home Equity Line of Credit (HELOC)

Like a Home Equity Loan, a HELOC can finance a large home improvement project, but it also can be utilized for expenses that occur over time, like college tuition, emergencies and yearly vacations. The key difference is that instead of receiving your money in one-lump sum as you do with a loan, with a HELOC, you have access to a line of credit, which you can draw from as needed during a specified time period. That means you pay interest only on the amount of credit you use. Unlike home equity loans, HELOCs have variable interest rates, which may change over time.

Home equity financing with added peace of mind.
If you so choose, credit life insurance and credit disability insurance are also available on GHS Home Equity Loans. These policies pay on your loan should you die or become disabled.
*APR = Annual Percentage Rate. Rates are shown “as low as”.
Contact a GHS Federal Credit Union representative by stopping in or call (607) 723-7962 or toll free (800) 732-4447 for the most current rates. The rate and term may vary depending on each individual’s credit history and underwriting factors. All credit union loan rates, terms and conditions are subject to change at any time without notice. Refinancing of existing GHS FCU loans are not eligible. Some restrictions apply. Flood and/or property hazard insurance may be required. Credit Union Membership required with $1.00 minimum deposit and $1.00 membership fee.