Home Equity
Home Equity Loans VS. Home Equity Lines-of-Credit
A home's equity is your home's current value minus the amount you still owe on your mortgage. Home Equity lending options use that equity in your home to allow you to borrow funds.
Home Equity Loan
- Borrow a specifc amount
- One-time Disbursement
- Structured monthly payments
- Chosen loan term
- Similar to a mortgage or vehicle loan
Home Equity Line-of-Credit
- Borrow sums up to your credit limit
- Multiple disbursement opportunitites
- Minimum monthly payments
- Similar to a credit card
No Closing Costs!
Save even more! See if you qualify for our no closing costs program.*
- Minimum $40,000.00 line or loan amount
- Property is 1-4 unit owner occupied primary residence
- GSCU is in second lien position behind a conventional mortgage product
- Title is not held in trust
- Home is not listed for sale
*No closing costs incurred if $40,000 minimum line or loan amount. Fees for title insurance, and additional title costs incurred if GSCU is in the first lien position or the existing first mortgage on the property is a home equity product where no lender title insurance exists; or if the title is held in a trust, fees for trust review and trustee certificate preparation will be incurred by member. Interim interest from the date of disbursement to the 1st of the following month will be charged at the time of closing and is not covered by the No Closing Cost program. In the event that you make a full Prepayment of the principal balance and close your Home Equity (in the case of a Line) with us before the third anniversary of the date your Home Equity product was opened with us, an Early Termination Fee equal to the amount of Bona Fide Third Party Costs paid by Granite State Credit Union on your behalf will be charged to you. After the third anniversary, the early termination fee will no longer apply. Fees for additional title work or documentation to correct title defects will be charged at the time of closing and are not covered by the No Closing Cost program. There may be instances, where the appraisal fee will be collected at the time the appraisal is ordered. When this happens, GSCU will reimburse you at the time the loan disburses if you meet the eligibility criteria set forth above. Offer subject to change at any time, please contact the Mortgage Department at 1-800-645-GSCU or e-mail us for current No Closing Cost criteria. To help protect your privacy, if you should need to send personal account information, such as your member number or Social Security Number, to the credit union we recommend using our Secure Message Center. A fee of $45 is due annually for Home Equity Line of Credit. Homeowners Insurance is required.
