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Home Equity Loans & Lines of Credit
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Unlock the financial flexibility of your home with a Home Equity Loan or Line of Credit
You don’t have to change homes to get the home of your dreams. If you’re ready to remodel, make the right move with a home equity loan or line of credit (HELOC) from Georgia’s Own. As a homeowner, you can use your home’s equity to cover home repairs or renovations—and more. Home equity loans can be used for almost any large expense, including medical bills, college tuition, debt consolidation, or whenever you need a little extra cash flow.
Home Equity Line of Credit
Get your cash with extra convenience. Our Home Equity Line of Credit (LOC) offers easy access to your funds through ReadiEquity checks, online banking, and TeleTalk. And, because your Home Equity Line of Credit is secured, you’ll enjoy lower rates than personal loans or credit cards.
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Home Equity Fixed-Rate Loan
Our Home Equity Fixed-Rate Loan offers one great rate throughout the life of your loan, giving you predictability and stability. Using your home as collateral, a home equity loan allows you to borrow money at a fixed rate that’s lower than almost any other type of loan. Borrow anywhere from $10,000 up to $500,000.2 Best of all? The interest may be tax deductible.3
What You Can Do with a Home Equity Loan
Home improvements: Whether you’re looking to remodel your bathroom or refinish your basement, a home equity loan can be a great option.
Debt consolidation: You may be able to save money by using a home equity loan to consolidate bills, such as credit cards and student loans.
Education: Because of low interest rates, a home equity loan may be an option when financing tuition and other education costs.
Weddings and celebrations: With the cost of a wedding averaging more than $20,000,4 a home equity loan can be an affordable ways to pay for a large event.
Medical bills: Medical expenses can add up. If you need help paying for them, a home equity loan could be the answer.
Details & Disclosures
1Rates as low as 4.75% APR. Rates are variable and subject to change. Your Annual Percentage Rate (APR) may differ from the one shown and will be based on your credit worthiness and loan to value. To open your HELOC account, you may have to pay certain third party fees that generally range from $200.00 to $1,300.00. Rate may not exceed 18% at any time. Property and/or flood insurance may be required. Terms, rates, and conditions are subject to change without notice.
2Maximum loan amount is $350,000 for CLTV above 80%, but not exceeding 95% with mortgage insurance approval. Maximum loan amount is $500,000 if CLTV is 80% or less. Investment and rental properties cannot be vacant.
3Please consult your tax advisor.
4Information from businessinsider.com.
Penny
Hoschton
Georgia's Own was there for us during our adoption process and ensured we had the financing we needed to bring home our son. Thank you for helping us become a family! Experience the difference.
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Penny
Hoschton
Points:
A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000 to the lender. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.
Annual Percentage Rate (APR):
A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
Loan Assumptions and Disclosures
These sample rates are published weekdays at 10:00am EST.
The information provided is general and assumes only the following scenario:
- Purpose of the loan: Purchase a property.
- Property location: Atlanta, GA 30303
- Property Type: Existing single family home
- Property Use: Primary residence
- Estimated property value: $200,000
- Estimated down-payment: $40,000
- Loan amount: $160,000 (80% Loan to Value)
- Credit Score: 740
- Escrow (impound) account is required.
- Rate lock period is 45 days.
- Fees: $3000 to estimate closing costs in order to approximate an APR.
Georgia's Own Credit Union Loan Options
Mortgage Type:
5/5 ARM
Advantages:
- Interest rate stays fixed for first 5 years. Adjusts every 5 years thereafter.
Best Choice If:
- The benefits of both a Fixed and ARM product.
Disadvantages:
- Interest rate and monthly payments will adjust in the future.
- Interest rate can rise above the current fixed rates over time.
ARM Features:
- Fixed for 1st 5 years, adjusts every 5 years after.
Georgia's Own Credit Union Loan Options
Mortgage Type:
30-Year Fixed
Advantages:
- Level principal and interest payments for the full term of the loan.
- Allows for higher loan amount qualification and enhanced buying power.
- No risk that changing market conditions will increase your monthly payments.
Best Choice If:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
Disadvantages:
- Benefits of the fixed rate are not realized until after the 10th year. (10/1 ARM is a better option if loan is paid-off within 10 years.)
Georgia's Own Credit Union Loan Options
Mortgage Type:
15-Year Fixed
Advantages:
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- The loan balance will decrease more rapidly than a 30 Year mortgage.
Best Choice If:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
- You would like to pay-off the loan balance quickly.
Disadvantages:
- Monthly payments are higher than a 30-year mortgage
Sample Payment:
- Please click on the P&I link at