Looking for a flexible and affordable way to fund home improvements, consolidate debt, or handle unexpected expenses? Our Home Equity Line of Credit (HELOC) offered through GNCU’s home lending subsidiary, Greater Nevada Mortgage (GNM), can help you put your home’s equity to work with rates as low as 8.50% APR1,2 .
Limited-Time Offer: Take advantage of a rate discount based on how much you borrow at account opening!
In short, the Home Equity Line of Credit (HELOC) is like a personal loan that operates as an equity line of credit. Think of it like a credit card with a (usually) lower interest rate because it is backed by your home.
You use it when you need it, and only repay what you borrow. It’s unlike a traditional lump sum/home equity loan (better known as a second mortgage) which features a fixed amount of borrowed funds.
Here’s an example: if you have paid $100,000 of your $500,000 mortgage principal already, and your home’s current appraised value is $500,000, then you may be eligible to borrow up to 80% of your equity, or $80,000 for this example.
You have the flexibility and freedom to do whatever you want with your HELOC funds. For ideas on how to use your HELOC, read our Good Uses of a HELOC blog.
We understand how important it is to make the most of your money right now. A HELOC from Greater Nevada not only gives you access to funds for your needs, but you can also lock in a lower rate!
You can receive a 0.10% rate discount for every $10,000 you borrow at account opening, up to a maximum discount of 1.00%.2 So, the more you borrow, the lower your new rate can be! See below for an example based on an initial base rate of 9.50% APR.
Ready to get started? Apply online now or book an appointment with a GNM Consultant to learn more at a time that works best for you.
This is an example table of rates used for demonstration purposes only. This should not be considered an actual offer of rates for a HELOC. Rates may vary based on your credit and other factors. Get in touch for your personalized rate.
A home equity line of credit features a draw period — usually around 10 years — during which time you can access your credit any way you prefer. Much like a credit card, you only pay interest on the actual amount of money you have drawn — not the entire amount you are approved for. After the draw period comes to a close, repayment begins. Usually, this repayment period lasts up to 15 years, during which time you can no longer borrow the money, and must repay it. You continue to repay your loan amount until the balance is fully repaid. HELOCs typically come with a variable interest rate, meaning your monthly payment could vary over time as the rate increases or decreases.
As with a credit card, a HELOC can be used to fund a number of personal goals, from debt consolidation to home improvements and unexpected emergencies. Here are a few examples of how you could use your HELOC funds.
Want to remodel your kitchen or add on mother-in-law quarters? Fund your next home improvement project with a HELOC.
Be it a medical event or an urgent car repair, an emergency can arise without warning. Be ready by securing the funds to react quickly with a HELOC.
When credit card and medical bills get a little out of control, rein them in with a HELOC that will help you consolidate all your outstanding debt into a single monthly payment at a typically lower interest rate.
Ready to take the next step in your life through higher education? Finance your or your family’s educational pursuits with a HELOC.
Lindsey and Michael Gay both grew up in the heart of Reno’s River District, and their connection to the community goes back generations. It was important for Lindsey and Michael to keep the family home while making it their own. By using a HELOC from Greater Nevada Mortgage, the Gays were able to renovate Lindsey’s grandparents’ house and turn it into a home base for the next generation.
Ready to move forward with your dreams by applying for a Greater Nevada HELOC? Use the tools below to get started.
Greater Nevada Mortgage | NMLS ID: 279738 | CA ID: 41DBO-61467 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act
1APR = Annual Percentage Rate. The APR can vary and is based on the Prime Rate plus a margin of 1.00% to 1.50% based on borrower credit rating and other qualifications. The APR is subject to change each month, based on changes to the highest Prime Rate published in the Wall Street Journal “Money Rates” table. The minimum base APR is 9.50%, and the maximum base APR is 18.00%. Up to 80% CLTV available with credit lines from $25,000 to $250,000 subject to collateral type and borrower qualifications. Fees and closing costs to establish a HELOC generally total between $0 – $1,500 and are paid by the borrower. $75 annual fee beginning on the first anniversary date. $500 pre-payment penalty if the HELOC is closed within 36 months of origination. Rates, terms, and conditions are effective as of June 6, 2024, and are subject to change without notice. Loans are available for 1-2 unit, owner-occupied properties in the state of Nevada only. Greater Nevada Credit Union membership is required prior to loan funding, which is open to anyone living or working in any of Nevada’s 17 counties and members of their immediate family. Additional terms and conditions may apply. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Borrower should consult a tax adviser for further information regarding the deductibility of interest and charges. This is not a credit decision or a commitment to lend. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.
2The following discounts are available on a new Home Equity Line of Credit (HELOC): An “initial draw” discount of 0.10% for every $10,000.00 withdrawn with a maximum discount of up to 1.00% from your approved base rate. Discounted rate will be locked as your new rate for the remainder of your HELOC. Example of the discount tiers based on the minimum base APR of 9.50%: Borrow $10,000.00 – $19,999.99 means your new rate would be 9.40% APR; borrow $20,000.00 – $29,999.99 means your new rate would be 9.30% APR; borrow $30,000.00 – $39,999.99 means your new rate would be 9.20% APR; borrow $40,000.00 – $49,999.99 means your new rate would be 9.10% APR; borrow $50,000.00 – $59,999.99 means your new rate would be 9.00% APR; borrow $60,000.00 – $69,999.99 means your new rate would be 8.90% APR; borrow $70,000.00 – $79,999.99 means your new rate would be 8.80% APR; borrow $80,000.00 – $89,999.99 means your new rate would be 8.70% APR; borrow $90,000.00 – $99,999.99 means your new rate would be 8.60% APR; borrow $100,000.00+ means your new rate would be 8.50% APR.
Search
