Home Equity & HELOC - GreenState Credit Union

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 years¹.

Great rates and low fixed payment.

Borrow up to 100% of your equity. ⁴

No prepayment penalties.

Flexibility on loan purpose.

Apply Online

Home Equity Line of Credit (HELOC)

Fixed term of 5 years².

Advance funds as you need them.

Borrow up to 100% of your equity. ⁴

No prepayment penalties

Flexibility on loan purpose

Apply Online

Freedom Loan

Would you like to pay off your home loan in 15 years or less, saving thousands on interest? If so, GreenState Credit Union has a unique opportunity to save you money.

Our Freedom Mortgage allows you to own your home free and clear in 15 years or less. If you have considerable equity in your home and are looking for the shortcut to financial freedom, this may be right for you. And closings costs are just $500!

Let’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 5.75%	Switching to the Freedom-in-10 at 5.50%
Remaining Balance	$135,396	$135,396	$135,396
Principal & Interest payment	$705.36	$1,124.34	$1,469.40
Interest due in remaining term	$76,210	$66,985	$40,932
Paid off in…	25 years	15 years	10 years
TOTAL SAVINGS		$9,225	$35,278

Freedom Loan

Fixed rate as low as

6.50%APR³

Total closing costs

$500

Financial Protection for Your Peace of Mind

GreenState is much more than a great place for your loans and deposits. We also offer insurance products through our wholly owned subsidiary, GreenState Insurance.

GreenState Insurance logo

Auto, Home, Life, AD&D, and Business Insurance

The professionals at GreenState Insurance will shop multiple carriers to find you the best value for your auto, home, life or business.

Request a Quote

Request a free, no-obligation quote for the type of insurance coverage that fits your needs.

Request an Auto Quote

Request a Home Quote

Request a Life Quote

-	All loans are subject to approval.

1 -

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 $18.30 per $1,000 borrowed at 3.74% APR. The payment example does not include taxes or insurance and the actual payment obligation may be greater. Use up to 100% of your equity⁴. Rate is based on credit history and loan-to-value (LTV). Rate above assumes a LTV of 80% or less. Closing costs are $350 in Iowa; $350 in Wisconsin; $450 in Illinois; unless full appraisal needed (appraisal estimate $495). Homeowners insurance required. No prepayment penalties. All loans are subject to approval.

2 -

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 equity⁴. Rate is 5.74% APR to 8.49% APR based on credit history and loan-to-value (LTV). Rate above assumes a LTV of 80% or less. The minimum monthly payment during the draw period is 1% of the credit line’s outstanding balance, an example of a monthly payment for a $25,000 loan is $250. 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 credit line’s draw period, any remaining balance will be amortized over a 10 year term and you will then make a fixed payment until the balance is paid in full. No prepayment penalties. Closing costs are $350 in Iowa; $350 in Wisconsin; $450 in Illinois; unless full appraisal needed (appraisal estimate $495). Homeowners insurance required. All loans are subject to approval.

3 -

Freedom-in-10 Example: For a $140,000 loan for a term of 10 years with 6.25% APR, the monthly payment will be $1,571.92. 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). Maximum loan amount is $149,999.99. 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.

3 -

Freedom-in-15 Example: For a $140,000 loan for a term of 15 years with 6.50% APR, the monthly payment will be $1,219.55. 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). Maximum loan amount is $149,999.99. 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.

4 -	100% financing not available in all markets