No Annual Fees and Competitive Rates.
Glass City Federal offers two financing options that are secured by the equity in your home — a Home Equity Line of Credit (HELOC) and a Home Equity Loan.
A Home Equity Line of Credit (HELOC) is a revolving line of credit with a variable interest rate. A HELOC works like a credit card, where you can pay it down at least monthly and continue to borrow up to the maximum amount of the credit limit. The HELOC variable interest rate is based on the value of the highest Wall Street Journal Prime Rate, plus a margin, if applicable. Therefore, a change in the Prime Rate would result in an increased or decreased Annual Percentage Rate and a higher or lower required minimum monthly payment, effective the first day of the following quarter. Please see the HELOC disclosure links below for further details.
Upon qualification, financing of up to 100% of your home’s equity amount is available with a HELOC. Plus, with Home and Mobile Banking, you can transfer funds from your HELOC to your checking account as needed.
A Home Equity Loan is a fixed rate loan for a specific loan amount. Typically, an Equity Loan is repaid with equal monthly payments for a specific term.
The annual interest paid on your Home Equity Loan or Line of Credit may be tax deductible (consult a tax advisor).
Please contact a Glass City branch for Home Equity pricing and terms.
Read the Home Equity Line of Credit Disclosures: