Home Equity
GreenState Credit Union is a top home equity lender in Eastern Iowa.
Put Your Home’s Equity to Work!
A fixed rate line of credit allows you to establish a credit line and then advance funds as you need them. An equity loan has a fixed term. Equity loans are ideal for members that have a particular project or purchase in mind, and therefore know the exact amount they need to borrow.
Did You Know?
You can use your home equity funds for almost whatever you like: home improvements, finance an education, consolidate high-interest debt, or take a vacation. It’s up to you!
Home Equity Loan
Fixed terms of 5, 10, or 15 years 1.
Great rates and low fixed payment.
Borrow up to 100% of your equity.
No prepayment penalties.
Flexibility on loan purpose.
Apply Online
Home Equity Line of Credit (HELOC)
Fixed term of 5 years 2.
Advance funds as you need them.
Borrow up to 100% of your equity.
No prepayment penalties
Flexibility on loan purpose
Apply OnlineLet’s look at an example of someone who has 25 years remaining on their 30 year fixed rate loan. We’ll assume the original loan amount was $150,000 and the rate is 3.875%. What if they switched to the Freedom program?
| 25 years remaining on a 30 year loan of $150,000 | Switching to the Freedom-in-15 at 3.50% | Switching to the Freedom-in-10 at 3.50% | |
| Remaining Balance | $135,395.50 | $135,395.50 | $135,395.50 |
| Principal & Interest payment | $705.36 | $967.83 | $1,338.87 |
| Interest due in remaining term | $76,211.19 | $38,829.88 | $25,268.92 |
| Paid off in… | 25 years | 15 years | 10 years |
| TOTAL SAVINGS | $37,381.31 | $50,942.26 |
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All loans are subject to approval. |
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Fixed Rate Home Equity Loans - Home Equity Loans are fixed rate loans for fixed terms (5, 10, or 15 years). For example, 60 monthly payments of $18.19 per $1,000 borrowed at 3.49% APR. The payment example does not include taxes or insurance and the actual payment obligation may be greater. Use up to 100% of your equity. Rate is based on credit history and loan-to-value (LTV). Rate above assumes a LTV of 80% or less. $350 closing costs for Iowa applications, unless full appraisal needed. $450 closing costs for Illinois applications, unless full appraisal needed. Homeowners insurance required. No prepayment penalties. All loans are subject to approval. |
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Fixed Rate Home Equity Line of Credit - Home Equity Lines of Credit are fixed rate loans for a fixed term. Use up to 100% of your equity. Rate is based on credit history and loan-to-value (LTV). Rate above assumes a LTV of 80% or less. $350 closing costs for Iowa applications, unless full appraisal needed. $450 closing costs for Illinois applications, unless full appraisal needed. Homeowners insurance required. The minimum monthly payments will not be sufficient to repay the principal outstanding on your line of credit at the end of your loan term. At the end of your loan term, you will be required to pay the entire remaining balance in a single payment. No prepayment penalties. All loans are subject to approval. |
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Freedom-in-10 Example: For a $150,000 loan for a term of 10 years with 3.50% APR, the monthly payment will be $1,483.29. Taxes and insurance premiums are not included in this payment example and the actual payment obligation may be greater. Freedom-in-10 Mortgage is for refinance transactions only. GreenState Credit Union mortgage must be in first lien position. Maximum 100% loan to value (LTV). Rate will be determined based on LTV and creditworthiness. $500 closing costs for applications, unless full appraisal needed. Homeowners insurance required. Only available in Iowa and Illinois. Other restrictions may apply. All loans are subject to approval.↵ |
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Freedom-in-15 Example: For a $150,000 loan for a term of 15 years with 3.50% APR, the monthly payment will be $1,072.32. Taxes and insurance premiums are not included in this payment example and the actual payment obligation may be greater. Freedom-in-15 Mortgage is for refinance transactions only. GreenState Credit Union mortgage must be in first lien position. Maximum 90% loan to value (LTV). Rate will be determined based on LTV and creditworthiness. $500 closing costs, unless full appraisal needed. Homeowners insurance required. Only available in Iowa and Illinois. Other restrictions may apply. All loans are subject to approval. |
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Spring Equity Loan Special - APR is Annual Percentage Rate. Introductory rate is fixed for 6 months from the loan origination date. At that time, all balances will convert to the fixed rate of the loan program that you have chosen. Options include a fixed rate loan or fixed rate line of credit. All loans are subject to approval. Rates as of March 1 are as follows: Fixed Rate Home Equity Line of Credit as low as 4.00% APR for a 5-year credit line. An example of monthly payment for $25,000 loan is $250. The payment example does not include taxes or insurance and the actual payment obligation may be greater. If paying the minimum monthly payment only, a balloon payment may result at the end of the term. Rate is based on credit history and loan-to-value (LTV). Rate assumes an LTV of 80% or less and a FICO score of 700 or above. Proof of homeowner insurance required. Closing costs are $350 in Iowa / $450 in Illinois unless full appraisal needed (appraisal estimate $480). No internal refinances. Consult tax advisor on tax deductibility. Rate and loan approval are subject to credit qualification and Loan-to-Value (LTV) ratio. Home Equity Loan rates are as low as 3.49% APR for a 5-year term, 4.24% APR for a 10-year term, 4.74% APR for a 15-year term. For example, 60 monthly payments of $18.19 per $1,000 borrowed at 3.49% APR. The payment example does not include taxes or insurance and the actual payment obligation may be greater. Rate is based on credit history and loan-to-value (LTV). Rate assumes an LTV of 80% or less and a FICO score of 700 or above. Proof of homeowner insurance required. Closing costs are $350 in Iowa / $450 in Illinois unless full appraisal needed (appraisal estimate $480). No internal refinances. Consult tax advisor on tax deductibility. Rate and loan approval are subject to credit qualification and Loan-to-Value (LTV) ratio. |