MORTGAGE

Home Equity Loan and HELOC

Your home base could be your launch pad. Use your house as collateral on a loan or line of credit.

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HOME EQUITY LINE OF CREDIT

When your home has your back

Our ReadiEquity Line of Credit (LOC) is a flexible, revolving line of credit that uses the available equity in your home as collateral. With your LOC, you can tackle serious life costs at lower interest rates than credit cards or personal loans.

Perks of a HELOC:

  • Borrow up to 95% of your home’s equity over a 10-year draw period and a 30-year repayment period
  • No application, origination, annual, or inactivity fees1
  • Line of credit ranging from $10,000 to $500,0001
  • Tax-deductible interest payments2
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HOME EQUITY FIXED LOAN

Stable rates for next steps

You want something dependable when taking the big leap of borrowing. With a home equity fixed-rate loan, you can use your house as collateral to borrow anywhere from $10,000 to $500,0001 at a fixed interest rate that’s lower than most types of loans (and doesn’t fluctuate with an unsteady market).

Keeping your finances predictable frees up space to focus on other things, like how to make the most of that money. On top of all that, your loan’s interest rate may be tax deductible2, which can help you tuck away that much more cash.

Home Equity Loan and HELOC FAQs

Option A: Payment is equal to 1.5% of the outstanding balance or $75, whichever is greater. Maximum CLTV of 95% with mortgage insurance.

Option B: Payment on accrued interest only of the outstanding balance during the preceding month or $75, whichever is greater. Maximum CLTV of 75% to qualify.

Calculating Average Interest: Example:
  • Interest on loan ÷ 365 = Daily interest
  • Daily interest x Amount owed = Daily amount
  • Daily amount x 31 = Interest-only payment for one month
  • 0.04 ÷ 365 = 0.00011
  • 0.00011 x $50,000 = $5.48
  • $5.48 x 31 = $169.86

It typically takes 30-45 days to close on a new loan once we receive your application and documentation. If an appraisal or additional documentation is needed, processing times could be longer.

Because each loan and member are different, the information needed varies. Here’s a general list of documentation you may need:

  • Most recent pay stubs
  • Most recent W-2 (one or two years)
  • Mortgage statements for all properties owned
  • Adjustable-rate mortgage note
  • Copy of homeowner’s insurance statement
  • Copy of HOA statement or verbally stated
  • Copy of Georgia driver’s license
  • Self-employed applicants: Your two, most recent tax returns with all schedules (A through E and K-1 with supporting documents; e.g., Forms 1065, 1120-S, or 1120, etc.), along with a certified Profit & Loss YTD statement.
  • Other items may be required during application processing

If you have a specific amount you need to borrow and prefer predictability, a fixed-rate home equity loan may be the best option. With a fixed-rate loan, you receive the money you’re borrowing in a single payment, and the interest rate stays the same for the life of the loan. (There must be a first mortgage lien already in place. Georgia’s Own cannot be in first position on a fixed-rate equity loan.)

If you’re unsure of how much you need and want to take advantage of the lowest rates in the market, you may want to consider a home equity line of credit (HELOC). With a HELOC, you have the ability to advance whenever you need to, up to your maximum credit limit, during the 10-year draw period. Because it has a variable interest rate, your HELOC rate could change monthly, depending on the index, which is the Wall Street Journal Prime Rate.

If you need help deciding which loan option is best for you, our home equity specialists can provide a personalized recommendation based on your financial situation.

Not the right match? Swipe right on our other options!

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Disclosures

1Maximum 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. Rates as low as 10.25% APR. Rates are variable and subject to change. Your Annual Percentage Rate (APR) may differ based on your individual situation. 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. Subject to credit approval.

2Please consult your tax advisor.