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Home Equity Loans & Lines of Credit

Home Equity

When you think of getting a real estate loan, you probably think of a long, drawn out and expensive process. At Great Meadow, we make it easy with no closing costs* and no hoops to jump through. Many members use their home equity for home improvements or additions, debt consolidation or tuition. Keep in mind that the interest you pay on a home equity loan is often tax deductible (please consult your tax professional for details). 

NEW! Many mobile or modular home owners have used a home equity loan to refinance their existing loan. The average interest rate for modular and mobile homes is 11%. You can save big by refinancing that loan at Great Meadow, allowing you to lower your payment and save thousands of dollars in interest. 

Documents we’ll need with your application:

  • Tax returns and W-2 forms from the most recent two years
  • Mortgage statement
  • Documentation of additional forms of income (e.g., Social Security Awards Letter, leases and recent tax returns for rental income)

Documents you'll need for closing:

  • Your photo identification – driver’s license, state picture ID, U.S. military ID or U.S. passport are acceptable
  • Proof of insurance (homeowners, and flood insurance if applicable)

There may be other documents we’ll need, but we promise to promptly communicate with you and make the process as easy as possible.

*GMFCU will pay up $750 of your closing costs, which will typically cover the entire amount. In the case that closing costs go beyond $750, the member will be responsible for any amount over $750.

Questions?We're here to help.

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