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Home Equity Loans

Home > Borrow > Home Equity Loans

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Home Equity Loans

Don't have 15 minutes to complete the full home equity loan application? Click HERE and take 60 seconds to get started now!

If you currently own a home, you can use the equity to pay for other things. A home equity loan or home equity line of credit from GenFed makes it easy to access the value in your home.

You don’t have to have your current mortgage with us to take advantage of our great home equity options!

To figure out approximately how much equity you have, subtract any outstanding mortgage balance(s) from your home’s appraised value.

Home Equity Loan

A home equity loan (sometimes called a second mortgage) lets you borrow a set amount of money at a fixed rate for a specific period of time.

You can use the money for just about any purpose: making home improvements, buying a vehicle, consolidating your debt, paying for college, and more! The interest may be tax-deductible.

Home Equity Rates
TypeAPR as low as
Home Equity Line of Credit (Variable) 3.00%
2nd Mortgage Home Equity Loan
5 Year Home Equity Loan (Fixed) 5.74%
10 Year Home Equity Loan (Fixed) 5.99%

Please contact us for rates on longer terms.

APR stands for Annual Percentage Rate. Rates are accurate as of 10/1/2020 and subject to change at any time. All loans subject to approval and terms. Rates include all possible discounts. Call your branch to determine which discounts apply to you.

Refinance of existing GenFed loans subject to applicable fees and conditions. Variable rate HELOC with a 3.00% APR minimum rate (floor). Rate tied to the Prime Rate as published in the Wall Street Journal. The rate will only rise if Prime rises and will not exceed 18.00% APR, even if Prime rises above that. HELOC holders are notified quarterly of rate and payment changes. ARM rate adjustment at each 36th month increment.

Apply Now

Home Equity Line of Credit

A home equity line of credit gives you the flexibility to borrow what you need, when you need it! You can borrow funds any time (up to your approved limit), repay them, and reuse them again. It gives you the flexibility of a credit card, but with lower rates.

  • Borrow up to $300,000 using your home as collateral
  • Borrow up to 90% of the equity in your home
  • No annual fees
  • No closing costs
  • Borrow and repay for 10 years with an additional 10 years to repay your remaining balance.
  • Access funds quickly and easily (minimum advance of $100) with a phone call to GenFed, transferring the money through Online Banking or simply writing a check.
  • Make bi-weekly or weekly payments at no additional charge to save on interest
  • Dividend-earning escrow accounts available
  • No PMI required

You can use a home equity line of credit from GenFed for so many things! Use it for home improvements, educational expenses, holiday shopping, or any other time you need some extra funds. The interest may be tax-deductible.

Home Equity Rates
TypeAPR as low as
Home Equity Line of Credit (Variable) 3.00%
2nd Mortgage Home Equity Loan
5 Year Home Equity Loan (Fixed) 5.74%
10 Year Home Equity Loan (Fixed) 5.99%

Please contact us for rates on longer terms.

APR stands for Annual Percentage Rate. Rates are accurate as of 10/1/2020 and subject to change at any time. All loans subject to approval and terms. Rates include all possible discounts. Call your branch to determine which discounts apply to you.

Refinance of existing GenFed loans subject to applicable fees and conditions. Variable rate HELOC with a 3.00% APR minimum rate (floor). Rate tied to the Prime Rate as published in the Wall Street Journal. The rate will only rise if Prime rises and will not exceed 18.00% APR, even if Prime rises above that. HELOC holders are notified quarterly of rate and payment changes. ARM rate adjustment at each 36th month increment.

Apply Now

See loan rates page for rate disclosures.