HOME EQUITY LOANS & HOME EQUITY LINES OF CREDIT

CHOOSING YOUR HOME EQUITY FINANCING

Using the value of your home equity is a great way to finance everything from projects around the house, to weddings, vacations, school costs and more! At Greenwood, we have a number of home equity options to choose from, and one that’s guaranteed to fit your individual need!

HOME EQUITY LOAN

Say you have a large home renovation or remodel. Perhaps it is adding a pool, replacing your roof, or redoing your kitchen or bath. Whatever your project, the right option for your is most likely our Home Equity Loan. A home equity loan allows you to take out a specific amount of money for a term of up to fifteen (15) years and pay a fixed interest rate. And your interest may be tax-deductible (consult your tax advisor). This loan is limited to 80% of your home’s Loan-to-Value, but we also offer High-Loan-To-Value (HLTV) Equity Loans that allow you to borrow up to 100% of the value of your home and come with fixed rates, fixed payments and low costs.

Term	APR**	Minimum Loan	Apply Online
60 Months	6.99%⁺	$10,000.00	Apply Now
120 Months	7.24%⁺⁺⁺	$10,000.00	Apply Now
180 Months	7.49%⁺⁺⁺	$10,000.00	Apply Now
240 Months	7.74%⁺⁺⁺	$10,000.00	Apply Now

Apply Now

Repayment Examples

For home equity loan payments: At 6.99% APR, 60 monthly payments of $19.80 per $1,000 borrowed
For home equity loan payments: At 7.24% APR, 120 monthly payments of $11.73 per $1,000 borrowed
For home equity loan payments: At 7.49% APR, 180 monthly payments of $9.26 per $1,000 borrowed
For home equity loan payments: At 7.74% APR, 240 monthly payments of $8.20 per $1,000 borrowed

HOME EQUITY LINE OF CREDIT

The best option for when you need extra cash for purchases, vacations, school payments or even a wedding. With a Home Equity Line of Credit, you are approved for a total amount. Then you draw out the money you need when you need it. You make payments on the money you use.

FEATURES:

No Fees or Closing Costs
No Annual Maintenance Fee
Monthly Payments as low as interest only
Can Be Used for Any Purpose

Term	APR**	Minimum Loan	Apply Online
120 Months	5.99% (Prime minus .50% if qualifications met) ⁺⁺	$10,000.00	Apply Now

Apply Now

Or call 401-562-2756 or email: [email protected]

Repayment Example

For home equity line of credit payments (interest only): At 5.99% APR, $4.99 per $1,000 borrowed per billing cycle.

*Annual Percentage Yield

**Annual Percentage Rate

⁺Advertised rate is the lowest available. Interest rate will be determined by individual creditworthiness.

⁺⁺Advertised Introductory Annual Percentage Rate (APR) of 5.99% is the lowest available and is fixed for the first 12 months. Offer based on individual credit worthiness. After initial 12 monthly billing cycles, rate automatically reverts to a variable rate of interest as low as Prime minus 0.50% as published in the Wall Street Journal 30 days before the date of any rate adjustment. As of 12/19/2024 Prime Rate was 7.50%. Interest rate and line amount determined by individual creditworthiness and subject to loan-to-value ratio of 80%. Offer limited to 1-4 family owner-occupied primary residence properties only. Property insurance (and flood insurance if applicable) required. Offer and rate is subject to change at any time without notice. Other terms and restrictions may apply. APR will not exceed 18% with a minimum APR of 5.99%. Existing GCU home equity lines/loans are not eligible for refinance with this promotion.

⁺⁺⁺Advertised APRs are the lowest available. Interest rate will be determined by individual creditworthiness. An additional 0.25% discount is available for automatic payment from a Greenwood Credit Union checking account.

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Attention Members- Click here to go to our Security Center and learn more about the State of Rhode Island RIBridges cyberattack. Greenwood Credit Union systems were not affected, however this could affect some of our members that utilized certain state programs in the past.