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.

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 95% of your home’s value
  • No closing costs
  • No appraisal fee
  • 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 still be tax deductible.

Current Rates

TypeAPR as low as
5 Year Home Equity Loan (Fixed)5.50%
10 Year Home Equity Loan (Fixed)5.50%
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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 80% 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.

Current Rates

TypeAPR as low as
Home Equity Line of Credit (Variable)4.00%
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Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.

See loan rates page for rate disclosures.