Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
For those large one-time purchases, you may want to consider a Fixed Rate Second Mortgage Loan. This loan option lets you lock in an affordable fixed rate for up to 20 years. Since the loan is secured by your home's equity, the interest you pay may be tax deductible. Consult with your tax advisor for details.
Effective Date: Tuesday, May 17, 2022
|Product||CLTV||Loan Amount||5 yrs||10 yrs||15 yrs||20 yrs|
|Fixed Rate Second Mortgage||<= 80%||$50,000 - $500,000||4.75%||5.95%||6.20%||6.50%|
|Fixed Rate Second Mortgage||<= 80%||$25,000 - $49,999||4.99%||6.20%||6.45%||6.75%|
|Fixed Rate Second Mortgage||<= 80%||$10,000 - $24,999||5.19%||6.45%||6.70%||7.00%|
*APR=Annual Percentage Rate. Rates are subject to change at any time.
Second Mortgage Loan: Once established, the APR is fixed for the term of the loan. Stated rates may change at any time. Loan terms are 5, 10 ,15, and 20 years. Minimum payment $200. Minimum credit score 680 for Combined Loan to Value (CLTV) over 80%. Credit score adjustments for credit score of 650-699 add 0.25% and credit score below 650 add 0.75%.
For all home equity/second mortgage products, credit lines or loan amounts are available from $10,000 to $500,000. Closing costs will be waived up to $500 except on purchases. Property insurance is required. Flood insurance may be required. Consult your tax advisor about the deductibility of interest. Valid for owner occupied single family, townhomes, condominiums up to 90% LTV. Valid for owner occupied 2-4 unit and second homes up to 80% LTV. Valid for non-owner occupied one unit and condominium up to 70% LTV. Available in IL, WI, CA, and AZ.