You can use our Home Equity Credit Line to borrow for home improvements, college tuition, a new vehicle, a vacation, medical bills, a family wedding, starting a home-based business, and any number of other major expenditures. You can draw on your approved limit for 10 years, with a 15- year re-payment thereafter.
Using our Home Equity Credit Line offers two key savings: First, the interest rate will be lower, much lower, than what you'd pay on a credit card or personal loan. And, you only draw on the funds you need, when you need it saving you in interest charges. Second, the interest you pay on a home equity loan is usually tax deductible, which further reduces the cost of borrowing*.
Select the Home Equity Credit Line that fits your need! We offer three Home Equity Credit Line Accounts to meet your individual borrowing needs. And, with our Home Equity Convenience Checks, access to your available credit is as easy as writing a check.
Loan limits up to 80% of the appraised value (Loan to Value or LTV) of your primary or secondary residence, with a maximum of $200,000 and a competitive variable rate tied to Prime.
With our Equity Plus you can borrow up to 100% of the appraised value (Loan to Value or LTV) of your primary residence, with a maximum of $100,000.
If you have Investment Property, this is the credit line for you. Loan limits up to 75% of the appraised value (Loan to Value or LTV) on your Investment (rental) Property, with a maximum of $50,000.
You can purchase your next vehicle and lower your income tax rate! If you own your home (even if you have no equity) this might be the loan for you! Our Auto Equity loan allows for a Courtesy Lien to be recorded on your home, giving you extra buying power and potential tax deductibility of finance charges*
Our Auto Equity loans have the same great rates, terms and conditions of our regular Automobile Loans. Check them out, and apply today.
Using your home may also be your best option when you need to borrow $10,000 or less and you have little or no equity in your home. Our Signature Equity Loan has the same great rates and terms as our regular Signature Loans but also allow for a Courtesy Lien to be recorded on your home, providing you potential tax deductibility of finance charges*.
Grossmont Schools Federal Credit Union Auto Equity and Signature Equity do not require a property appraisal or title insurance required and we can have your loan approved and funded within 5 business days!
*Consult your tax adviser to find out what deductions you are qualified for.