Home & Mortgage Loans

Mortgage Second Mortgage Unimproved Property Home Equity Line of Credit

Mortgage

Whether you are purchasing or refinancing, GECU offers many mortgage options so you can choose the loan solution that best fits your needs. GECU offers First Time Mortgages, USDA 100% Financing Mortgages, Fixed Rate Mortgages (extended financing options available), as well as VA Mortgage Programs. Our experienced mortgage officers make your loan process quick and easy and provide assistance through the entire process. Contact a GECU mortgage officer at (423) 283-4300 to inquire about current mortgage rates.

USDA 100% Financing Mortgages after First Time Mortgages.

Greater Eastern Credit Union NMLS# 407861

Linda Roberts NMLS# 933094

Sherry Carver NMLS# 931372

Sharon Thomas NMLS# 1501448

Jenny Breeden NMLS# 1802792

USDA 100% Financing Mortgages

Second Mortgage

A second mortgage is a great option for those who have a one-time need for funds and want the security of a fixed rate. Use the available equity in your home as collateral to make large purchases, finance home improvements, pay for education expenses, or consolidate your higher interest debt into one payment. Even if your first mortgage is at a different lender you can still benefit from a 2nd mortgage from GECU. If you currently have a 2nd mortgage with another lender refinance with GECU to get additional funds and/or lower your rate.

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

  • Fixed rate with flexible terms
  • Borrow up to 80% of the appraised value of your home
  • Payment doesn't change throughout the life of the loan
  • Loan stays serviced right here at GECU
  • Interest paid on your 2nd mortgage may be tax deductible (consult your tax advisor)

If you would like to use the available equity in your home over time instead of all at once, a Home Equity Line of Credit (HELOC) may be a better option.

Unimproved Property

Want to buy land? Financing is available on unimproved property with terms up to 10 years. The property you are looking to purchase must be located in the state of Tennessee.

  • Fixed rate with flexible terms
  • Borrow up to 80% of the appraised value of the land
  • Payment doesn't change throughout the life of the loan
  • Loan stays serviced right here at GECU

Please call one of our knowledgeable Mortgage Originators today at (423) 283-4300 with any questions or to apply.

Home Equity Line of Credit

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)
What You Should Know View Disclosure

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You can apply in any of our branches during normal business hours or online!

Current Loan Rates Apply for a Loan

**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