Loans - Home Equity

Home Equity

A Home Equity loan lets you use the equity that you have in your home to borrow money. This is a great option when you know exactly how much you need to borrow.

Use the value in your home to fund home improvement projects, education or other expenses.

With a Home Equity loan, you’ll receive your funds in one lump sum which is repaid over the term of your loan. You’ll enjoy the comfort of knowing that your monthly payments will remain the same throughout the life of your loan with our non-variable rate.

Terms

  • The minimum loan amount is $7500 and the maximum loan amount is $150,000.
  • Terms up to 15 years are available.

Application Requirements

  • A $150 application fee is due at the time of application.
  • An appraisal may be required when you borrow more than 50% of the assessed value of the property.
  • HELOC’s may be granted on a member’s one or two family, owner occupied primary residence or the member’s secondary (vacation) residence. The property must be located in Monroe, Orleans, Genesee, Livingston, Ontario or Wayne County.

Documents you will need to apply:

  • Bank statements for the past two months
  • Complete income tax returns for the past three years
  • Mortgage statement
  • Two consecutive paystubs for each borrower
  • Paid tax receipts (Town, County, Village and School)
  • Deed to the property
  • Proof of paid homeowner’s insurance
  • Year-to-date Profit and Loss Statement and Balance Sheet (only needed if self-employed)

Easy Loan Payments

  • Automatically take your loan payment from your direct deposit
  • Automatic transfers from your account
  • Set up scheduled or one-time transfers using our Online Banking
  • Make transfers from AnytimeTeller, our 24-hr telephone teller
  • Mail in your payment
  • In person at the credit union office or through our Night Deposit Box

Ready To Get Started On Your Loan?

Apply Today

See All Rates | Contact a Loan Specialist at (585) 247-1090

You Are Leaving Gates Chili Federal Credit Union's Site

By accessing the noted link you will be leaving Gates Chili Federal Credit Union's website and entering a website hosted by another party. Gates Chili Federal Credit Union is not responsible for its products, services, or overall website content. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Gates Chili Federal Credit Union. If you choose to conduct business here, you will be conducting business with the alternate website.

Continue to Site