Need a Home Repair?
With home equity loans, or second mortgages, homeowners can fund home repairs at a low interest rate by borrowing money against the equity in their homes.

Your home equity is calculated as the difference between the value of your home and how much you still owe on your mortgage(s). The resulting amount is then used as a primary factor in determining the loan amount for which you are qualified. 


What about a Home Equity Line of Credit (HELOC)?
A HELOC is a type of home equity loan by which you're pre-approved to borrow (or "draw" from your account) a certain amount of money that's based primarily on your home's equity. You are only charged interest for the actual money you spend (not on the entire amount for which you were approved).

These HELOC funds can be borrowed at any time during the "draw period" (typically ten years). As long as you maintain a balance of borrowed funds, you will be required to make a minimum, monthly payment towards that principal and interest balance, the minimum payment being 1.0% of the balance or $75.00, whichever is greater. As you pay back the funds you've borrowed, these funds are again available for draw.

When the “draw period” ends, you will pay back the remaining principal balance and outstanding interest over the remaining term (up to ten years). 

Speak with a Member Service Rep today to learn more about the flexibility and benefits of a HELOC. Be sure to speak with your tax advisor, too - you may be eligible to claim the interest you pay on a HELOC as a tax deduction!


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Local Lending Made for You @ GCU
Here at Guardian Credit Union, we pride ourselves on providing our members with super-low loan rates, local servicing, and easy-to-work with staff. Our loan experts ensure your loan is completed timely and accurately to get you what you need sooner. Whether it is a new home, auto, or a repair - we got the loan that is made for you.