
Home Equity Lines of Credit
Whether your basement needs major repairs or you’re ready to update a kitchen that went out of style decades ago, a home equity line of credit (HELOC) can help finance the project.
A HELOC can also be used for debt consolidation, emergency expenses, large purchases and more.
Ready to determine if a HELOC is for you? Want to find out exactly how much you can borrow? Start an application or complete the form below and a Guardian representative will help you through the process.
HELOCs are available to owner occupied primary residence and non-income properties. It must not be listed for sale. Minimum credit score of 650 and LTV (Loan to Value) of 90% or less based on the lessor of the EFMV (Estimated Fair Market Value) of the current property tax bill and AVM (Automated Valuation Model) value. If an appraisal is required, the value from appraisal will be used. Rates are determined by base rate, credit score and LTV. Base rate is Prime Rate as published in the Wall Street Journal, with a floor of 4.00% APR and ceiling of 18% APR. Term is 20 years, with 10 years being “draw” period followed by the “repayment” period. Line of credit rate is variable and may change monthly. Minimum payment is 1.50% of the principal balance or $100.00, whichever is greater, during full term of loan. All loans are subject to credit and other qualifications. An appraisal may be required if LTV exceeds 80% and will be at the expense of the borrower. A new appraisal must be ordered and approved by GCU to use for loan. If existing outside appraisal is received, it will be reviewed for qualifications and not guaranteed to be accepted. Homeowners insurance required. Flood insurance required, if applicable. No application processing or closing costs with exception of title adjustments and/or appraisal, if required. If title adjustments are needed, this will be at the expense of the borrower. If refinancing an existing Home Equity with Guardian within 24 months, a minimum of $10,000 must be added to limit or a fee of $250 may be assessed. All rates and loans are subject to change without notice.
More Information
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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 rates (they will fluctuate over time), while home equity loans have fixed rates.
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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.
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How long can I draw from a HELOC?
The typical draw period for a HELOC is 10 years.
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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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