For many of us, the equity we have in our homes is a preferred, low-cost form of financing for major expenditures – a remodeled kitchen, for example. You can put that equity to work with either a Greenville Federal Home Equity Line of Credit or a traditional Home Equity Loan.
Using the equity you have in your home rather than other types of borrowing can be a good financial strategy. Interest rates typically are lower than on, for example, credit cards; and interest payments generally are tax deductible (though you’ll want to check with your tax advisor to be certain).
Called “Greenline,” our variable rate Home Equity Line of Credit allows you to draw funds as you need them – perhaps for debt consolidation, to pay for a new roof, buy a new car or pay tuition. We’ll lend as much as 100% of the equity you have in your home.
It’s easy to access your home equity funds. Simply write a check using your special Home Equity Line of Credit checkbook. . .visit one of our offices and request a draw. . .or call and ask us to transfer funds into your regular Greenville Federal checking account.
Monthly repayments are based on the total amount borrowed.
Greenville Federal’s fixed-rate Home Equity Installment Loan provides you with the entire loan proceeds in a lump sum. Loan terms range from one to 15 years, and you repay the amount borrowed in fixed, equal monthly installments.
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