Home Equity Loans
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.
- Borrow up to 80% of your home’s value
- Low closing costs
- Low fixed rates
- 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 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.
Remote Loan Payments
Make a GenFed Laon Payment from another financial institution through online banking - these instructions may be useful in setting up transfers from other banks for your loan payments. Use these instructions as well to transfer funds from other financial institutions into and out of GenFed.
Or, make a loan payment in person at any GenFed branch or one of our over 5,000 branches nationwide with our shared branching program!
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
- Low 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.
See loan rates page for rate disclosures.