About Home Equity Loans
GTE Financial offers a 5, 10 and 15 Year Home Equity Loan as well as Home Equity Lines of Credit (HELOC). A second mortgage may be an excellent way to utilize the equity in your home in order to:
- Renovate you home or cover home repairs.
- Consolidate debts with high interest rates into one lower interest rate loan.
- Pay for medical bills.
- Pay for college education.
Home Equity Loans and HELOCs are second mortgages. When taking out this type of loan, a homeowner can tap into the equity of their property and gain access to funds. Often times, these loans are used to pay for a large cost that you wouldn’t otherwise be able to cover. The amount of equity you have in your home is determined by the value of your home versus how much you still owe on your home.
An example APR for a 5 Year Home Equity Loan is 3.849%. An example monthly mortgage payment is $1,830. An example APR for a 10 Year Home Equity Loan is 3.801%. An example monthly mortgage payment is $1,001. An example APR for a 15 Year Home Equity Loan is 4.790%. An example monthly mortgage payment is $778. The example quotes are based on a property value of $200,000 and a loan amount of $100,000 for 1st mortgage options and a $10,000 2nd mortgage. The Annual Percentage Rates (APR) stated is an estimate and is intended for informational use only. Your actual APR may vary based on your actual loan amount. Please visit the Loan Consultant for additional information about our rates and fees. Rates are subject to change without notice. Your actual rate and/or points may be different, as many factors are evaluated for a loan approval.