Home Equity Line of Credit

*APR=Annual Percentage Rate. Rates are subject to change at any time. Your initial APR for a Home Equity Line of Credit will be calculated by adding the appropriate margin to the prevailing Prime Rate (index) as published in the Money Rates column of the Wall Street Journal as of the date your documents are prepared. The initial rate will remain in effect until the first rate change date as described below. The subsequent APR is a variable rate based on the highest Prime Rate as listed in the Money Rates Section of the Wall Street Journal on the first business day of the month which was 3.25% on 03/17/2020. On the House Home Equity Line of Credit: The rate is Prime Rate plus 1/2% with a floor rate of 4.00% for credit lines with a loan to value (LTV) ratio of 80% or less, Prime Rate plus 2% with a floor rate of 6.00% for credit lines with a 80.01%-90% LTV. The rate may vary twice a year on January 20th and July 20th up to 1% annually and a maximum of 6% above the initial rate during the life of the loan. Five-year draw period and fifteen-year repayment period. An early reimbursement cost may be charged on Home Equity Lines of Credit if the line of credit is paid in full and closed within 24 months of the opening date. The maximum cost will not exceed five hundred dollars. An early reimbursement cost will not be charged if Great Lakes Credit Union terminates the Credit Line Account. There is a fifty dollar annual fee after the first year.

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, town homes, 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. Home Equity Loans available in IL, WI, CA, GA, IN, MN, MO, IA, KY, NV, WA and AZ. Fixed Rate Second Mortgages only available in IL, WI, CA, and AZ.