HOME EQUITY LINE OF CREDIT
The Home Equity Line of Credit ("HELOC") is designed for members who want the convenience of revolving credit line and think they will have a need for additional funds in the future.  Since interest is charged only on the balance outstanding, this is a great way for members to manage their borrowing needs.  As monthly payments are made, the credit line is replenished so credit is there when the member needs it.

FEATURES OF OUR HELOC

• Funds are accessible for 15 years from the time of closing
• Available by writing a check, online transfer or by stopping at Genesee Valley F.C.U. branch location
• Low variable rate (based on prime rate)
• Convenience of flexible borrowing and repayment
• A credit line of up to 85% of the home's equity for the best rates.  100% of the home's equity is available for maximum borrowing power
• No closing costs
• Fast and easy approval and closing process
• Closing generally takes 2-3 weeks
• All real estate loans have a 3 day waiting period after closing and before disbursing funds by federal regulation.

FIXED RATE HOME EQUITY

If you like the security of a fixed rate and plan on making a one-time major purchase, the fixed rate home equity loan may be right for you.  With a low fixed rate of interest and convenient repayment terms, this program is designed for members who know that they will not need additional funds in the future and want their loan paid off in a set term.

Features of our Fixed Rate Home Equity Loan

• Loan amounts of $25,000 and greater
• Convenient repayment terms from 5 - 15 years
• Fixed rate and payment
• No closing costs
• Fast and easy approval and closing process

ALL HOME EQUITY PRODUCTS OFFER

• Longer repayment term than personal loans so monthly budgeting is easier
• Larger loan amounts which is great for major expenses
• Tax deductable (Check with your tax advisor)

Home equity loans and lines can be used for any purpose, for example:

• Home improvements
• Major purchases (car, boat, appliances)
• Vacation
• Tuition
• Debt Consolidation

QUICK EQUITY LOAN
A fast, streamlined loan for any need you may have.

• 100% of available equity.
• Fixed Rate with a term up to 8 years.
• No penalty for early pay-off.
• You only finance $150.00 in closing costs.
• You will need to submit your Abstract or Title for our review.
• $25,000 maximum.

HOW MUCH CAN I BORROW?
To determine the amount of equity you can borrow against, use this simple calculation.

1. Find the estimated value of your home (this can be your recent tax assessment, realtor market analysis or a recent appraisal).
2. Multiply that amount by the corresponding maximum percentage (see table).
3. Subtract the balance of your first mortgage.
4. The remaining amount is the maximum line/loan you can receive.

	HELOC & QUICK EQUITY	FIXED RATE
Est. Home Value	$100,000	$100,000
Max. Borrowing %	100%	90%
Equity Available for Loan Less:	$100,000	$90,000
First Mortgage Balance	($60,000)	($60,000)
Max. Loan or Line Amt	$40,000*	$30,000
*Quick Equity Max is $25,000

HOW DO I APPLY?
Simply stop at one of our branch offices and speak with a Member Service representative who can help you with the application process.  We can also email or fax our application to you for your convenience.  Please contact the Loan Department at (585) 243- 5115 if you have questions.  If you are calling from outside the local area, please call us collect.

 Because Life Never Goes Exactly As Planned...

Genesee Valley Federal Credit Union strives to offer low cost, high value disability and life insurance to our members.  We offer disability insurance on our loans to help if you become disabled.  If you become disabled while insured, you may be eligible to have your loan payment paid by insurance.  Ask one of our loan team members for details.  Life insurance is also available to help payoff your loan in case of death.  Don't leave your family with the burden of your debts, ask about low cost life insurance.

Calculate your home equity payment -

The APR on your home equity line of credit is variable and may increase or decrease based on the prime lending rate plus your margin.  Home Equity Lines of Credit (HELOC) are subject to a lifetime ceiling of 15.75%.  We will require you to sign an agreement stating that if you terminate your line of credit or loan within the first 36 months of your mortgage recording date, you must reimburse us for actual costs and frees paid in connection you must reimburse us for actual costs and fees paid in connection with opening your account.  For a line of credit of $35,000, we estimated these costs to range between $750- $1,000.  Property insurance and flood insurance, if applicable, are required.
All lines and loans are subject to credit approval and a properly appraisal unless otherwise noted.  Terms stated are for owner-occupied residences located in New York State only.  We will file a mortgage on your home.  You should consult a tax advisor regarding the deductibiliy of interest.  Contact us for rates and terms of other programs.  Rates and terms are subject to change without notice.