Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Interest-Only Home Equity Line of Credit
With an interest-only HELOC, you have the convenience of a one-time application. Once it is established, you may borrow, repay, and borrow again up to your available credit line.
This is a great option for those who want a low minimum monthly payment as you will only pay interest during the 10-year draw period and get up to 20 years for repayment.
Features:
- Interest paid may be tax
deductible (consult your tax advisor) - Receive checks for your Interest Only HELOC
- Access your Interest Only HELOC via Online or Mobile Banking
Effective Date: Saturday, April 20, 2024
| Product | Variable APR* | CLTV | Fee | Note/Term | Next Step |
|---|---|---|---|---|---|
| Interest Only Home Equity Line of Credit (HELOC) | 9.50% | 80.00% | $50* | 10 Yr Draw (20 Yr Amortized) | Get Started |
| Interest Only Home Equity Line of Credit (HELOC) | 11.00% | 80.01 - 90.00% | $50* | 10 Yr Draw (20 Yr Amortized) | Get Started |
*APR=Annual Percentage Rate. Rates are subject to change at any time. Interest Only up to 80% CLTV floor rate is 4% and maximum is 16%. Interest Only 80.01-90.00% CLTV floor rate is 6% and a maximum of 18%. Interest only rates vary from prime plus 1% to prime plus 4.50%. 80% CLTV Product is available in IL, WI, IN, AZ, CA. 80.01%-90.00% CLTV Product is available in IL, IN and WI. 80.01-90.00% CLTV is only valid for direct member applications, and owner-occupied properties. Property insurance is required. Flood insurance may be required. Consult your tax advisor about the deductibility of interest. Borrower is responsible for all closing cost fees. Closing costs will be advanced from the available Home Equity Line of Credit. There is a fifty-dollar annual fee after the first year and a $100 minimum monthly payment.
Rates may change monthly based on rates published in the Money Rates column of the Wall Street Journal. Your initial APR for an Interest Home Equity Line of Credit will be calculated by adding the appropriate margin to the prevailing Prime Rate (index) as published in the Money Rates column of the Wall Street Journal as of the date your documents are prepared. The initial rate will remain in effect until the first rate change date as described. The subsequent APR is a variable rate based on the highest Prime Rate as listed in the Money Rates Section of the Wall Street Journal on the first business day of the month, which was 8.50% on 07/27/2023.
Other fees may apply, please reference GLCU’s fee schedule.
To view and download the Home Equity Early Disclosure, click here.
To view and download the What You Should Know About HELOC Disclosure, click here.