A Home Equity Line of Credit (HELOC) is a great tool for people who have available equity in their home and who would like to be able to draw on that equity over time. Applying for a HELOC at GECU is a smooth and pleasant experience. Once the HELOC is established, the line can be accessed as needed and payments are made only on utilized funds. The line remains open for credit advances for 10 years (draw period). After this 10 year draw period is over the line closes and the remaining balance is recalculated into fixed payments for up to 10 more years (repayment period).

The property used for collateral must be your primary residence and must be located in the state of Tennessee (manufactured/mobile homes are not eligible).

  • No annual fee
  • No prepayment penalty (early closure fee may apply to lines closed within 3 years of opening)
  • Finance up to 90% of the appraised value of your home
  • Easy access to funds in our offices and over the phone
  • Rate is variable and based on the Prime Rate and adjusts every 3 years instead of the standard monthly or quarterly
  • Payments during first 10 years (draw period) equal to 1% of the outstanding loan balance or $50, whichever is greater
  • Loan stays serviced right here at GECU
  • Interest paid on your HELOC may be tax deductible (consult your tax advisor)

Need to figure out a payment? Use our helpful calculators!

Ready to start the application process?

You can apply in any of our branches during normal business hours.

Current Loan Rates ▶

**Terms and conditions may apply. Application process may be delayed or refused if application information is not received in a timely manner. Underwriting criteria are subject to change without notice