If you currently own a home, you can use the equity to pay for other things. A home equity loan or home equity line of credit from GenFed makes it easy to access the value in your home.
You don’t have to have your current mortgage with us to take advantage of our great home equity options!
To figure out approximately how much equity you have, subtract any outstanding mortgage balance(s) from your home’s appraised value.
Home Equity Loan
A home equity loan (sometimes called a second mortgage) lets you borrow a set amount of money at a fixed rate for a specific period of time.
You can use the money for just about any purpose: making home improvements, buying a vehicle, consolidating your debt, paying for college, and more! The interest may be tax-deductible.
GenFed's remote loan payment service gives you the ability to schedule a payment from a checking account at another financial institution. You can even schedule alerts and reminders to let your know your payment has been made.
GenFed has also partnered with PayNearMe to accept cash deposits and loan payments at a number of community merchants for same day processing to your GenFed account or loan.
| Home Equity Rates | |
| Effective Date: 11/8/2024 | |
| Type | APR as low as |
| Home Equity Line of Credit (Variable) | 7.50% |
| 2nd Mortgage Home Equity Loan | |
| 10 Year Home Equity Loan (Fixed) | 7.99% |
Please contact us for rates on longer terms. APR stands for Annual Percentage Rate. Rates subject to change at any time. All loans subject to approval and terms. Rates include all possible discounts. Call your branch to determine which discounts apply to you. Refinance of existing GenFed loans subject to applicable fees and conditions. Variable rate HELOC with a 3.00% APR minimum rate (floor). Rate tied to the Prime Rate as published in the Wall Street Journal. The rate will only rise if Prime rises and will not exceed 18.00% APR, even if Prime rises above that. HELOC holders are notified quarterly of rate and payment changes. ARM rate adjustment at each 36th month increment. | |
Home Equity Line of Credit
A home equity line of credit gives you the flexibility to borrow what you need, when you need it! You can borrow funds any time (up to your approved limit), repay them, and reuse them again. It gives you the flexibility of a credit card, but with lower rates.
You can use a home equity line of credit from GenFed for so many things! Use it for home improvements, educational expenses, holiday shopping, or any other time you need some extra funds. The interest may be tax-deductible.
| Home Equity Rates | |
| Effective Date: 11/8/2024 | |
| Type | APR as low as |
| Home Equity Line of Credit (Variable) | 7.50% |
| 2nd Mortgage Home Equity Loan | |
| 10 Year Home Equity Loan (Fixed) | 7.99% |
Please contact us for rates on longer terms. APR stands for Annual Percentage Rate. Rates subject to change at any time. All loans subject to approval and terms. Rates include all possible discounts. Call your branch to determine which discounts apply to you. Refinance of existing GenFed loans subject to applicable fees and conditions. Variable rate HELOC with a 3.00% APR minimum rate (floor). Rate tied to the Prime Rate as published in the Wall Street Journal. The rate will only rise if Prime rises and will not exceed 18.00% APR, even if Prime rises above that. HELOC holders are notified quarterly of rate and payment changes. ARM rate adjustment at each 36th month increment. | |
See loan rates page for rate disclosures.
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