Home Equity Loans and Home Equity Lines of Credit
Planned home improvements or the type of surprise projects you’d like to avoid. Debt consolidation or finding the funds to cover a major life event. Guardian home equity loans or home equity lines of credit (HELOC) can help you cover your costs.
Find out what you can borrow. Start an application, and a Guardian representative will help you through the process.
Home Equity Loan and HELOC Rates
APR* (as low as) Minimum Loan Amount Payment per $1,000 Up to 60 months 4.44% $5,000 $18.62 61 to 84 months 4.94% $5,000 $14.11 85 to 120 months 5.19% $5,000 $10.71 121 to 180 months 6.19% $5,000 $8.55 Line of Credit <80% LTV 5.50% $5,000 $15.00* Line of Credit >80% LTV 7.50% $5,000 $15.00*
APR = Annual Percentage Rate. Fixed rates reflect loans up to 80% Loan to Value (LTV). Other rates apply for LTV’s exceeding 80%. Home Equity Line of Credit rate is equal to prime rate with a floor of 4.00% APR for Loan to Value (LTV) of 80% or less. Line of credit for Loan to Value (LTV) greater than 80% the interest rate is prime rate + 2.00% APR with a floor of 6.00% APR. Line of credit rate is adjustable, may change monthly, and will not exceed 18% APR. All rates are subject to credit qualification, other rates and terms may apply. Minimum payment is 1.50% of the balance or $100.00, whichever is greater. If refinancing an existing Guardian Home Equity Loan, an additional $5,000 borrowed is required to qualify for fixed rates, non-promotional HELOC or $10,000 for promotional rate HELOC.
What is the difference between a HELOC and a home equity loan?
A home equity line of credit, or HELOC, allows you to access your borrowed funds as needed over a period of time. Interest is only charged on the money you spend. A home equity loan is taken as a lump-sum withdrawal. Additionally, HELOCs have variable interest rates (they will fluctuate over time), while home equity loans have fixed interest rates.
How much cash will I be able to access with a HELOC?
With a HELOC, the loan amount is determined primarily based on your home’s equity. The amount is usually a significant percentage of your home’s value, minus the remaining amount of your mortgage. A Guardian representative can help you determine how much you can borrow with a HELOC.
How long can I draw from a HELOC?
The typical draw period for a HELOC is 10 years.
Is the interest on a HELOC tax deductible?
The interest on your HELOC may be tax-deductible, depending on how the money is spent. Please consult a tax adviser.
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