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.  

Are you a retired, active, or volunteer military member, first responder, law enforcement officer, health care professional, or educator? If so, you could be eligible for our Servantage loan discount! 

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)

Visit our branch 26 E Main St, Granville, NY 12832  opens in a new windowfor more information.

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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