HELOC - A homeowner

With a Home Equity Line of Credit, you have the convenience of a one-time application. Once it is established, you may borrow, repay and borrow again up to your available credit line. This product offers you interest rate protection with principal and interest payments. Rates may only vary twice a year on January 20 and July 20, with a maximum of 1% per year and a 6% lifetime cap over initial established rate.*


  • Usually no cost to you to establish your Home Equity Line of Credit
  • Interest paid may be tax deductible - (consult your tax advisor)
  • Home Equity checks
  • Access your Home Equity Line of Credit with a GLCU Visa Card

Note: There is a $50 annual fee for a Home Equity Line of Credit.

View Current Rates

Effective Date: Friday, January 22, 2021

Home Equity Products

ProductVariable APR* as low asCLTVFeeNote/TermNext Step
Home Equity Line of Credit (HELOC)4.00%80.00%$50*5 Yr Draw (15 Yr Amortized)Get Started
Non-Owner Occupied (Investment Property)5.00%70.00%$50*5 Yr Draw (15 Yr Amortized) Get Started

*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.