Home Equity loans allow you to take advantage of the equity you have built up in your home as collateral for your loan. Your ability to borrow will be based on not just your income and credit rating but the equity you have in your home with a maximum loan amount of $50,000. If you have owned your home for several years there is a good chance you have built up some equity. In many cases, the interest on a Home Equity loan is tax deductible.

Money borrowed under Home Equity Loans can be used for most any purpose including college tuition, a vacation, to pay off debt, or to improve your home. Contact us today to inquire about a Home Equity Loan.

(Please consult with your tax advisor for information regarding the deductibility of interest payments. )

Current Home Equity Loan / Line of Credit Rates

Effective Date: 11/18/04
 

Interest Rate:

The current rate is 7% Annual Percentage Rate (APR). Maximum rate increase not to exceed 2% APR per year. with a life cap of 18% APR.

Variable Rate:

The Annual Percentage rate (APR) is based on the prior 6 months 26 week US Treasury Bill rate plus 4% (Semi-annual periods on the 15th day of March and September).

Maximum Term: 20 Years
Payment: Based on term and amount borrowed, with a minimum monthly payment of $100.
Credit Advances: A minimum of $2000. per advance
Requirements: A copy of Mortgage deed and verification of all disclosed income.
Notes:

Owner occupied New Hampshire residents only.

All applicable filing fees (Local, County, State, and Federal) are charged to the borrower.

All Annual Percentage Rates shown are subject to change.
Application Fee: $275. with application. To be credited towards appraisal if approved. (Appraisal fees may vary).
Estimated Charges:
Title Examination Fee....................... $150.
Preparation of Documents.............. $50.
Recording Fee................................... $50.
Closing @ Credit Union................... $100.
Closing at Office other than GCU... $50.
Title Insurance................................... $2 per $1000. of Mortgage Amount

Please contact us to obtain additional information concerning loan terms, conditions, fees, and rates.