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Home Equity Loans —

Homeownership opens up doors

Make the most of your home equity*

Home equity lines of credit empower homeowners to make renovations, buy a vacation home, or pay off high-interest debt and save money!

A HELOC can get you the extra cash you need to succeed—no matter the goal.

From making home improvements, paying for your education or paying off debts to jet-setting on your dream vacation, or investing in a small business, you can use your home equity to your advantage. Our team at Gesa is here to help make the most of your home equity.

Make the most of your home equity*

Home Equity Line of Credit (HELOC)*

Home equity lines of credit empower homeowners to make renovations, buy a vacation home, or pay off high-interest debt and save money!

A HELOC can get you the extra cash you need to succeed—no matter the goal.

Navigating the appraisal process

Just like when you bought your home, you’ll need an appraisal to confirm the value of your property. The appraiser will inspect your home and compare it to similar, recently sold homes in your area to determine an opinion of value.

Need help or advice?

You don’t have to look too far. Connect with a local home loan officer today!

The underwriting process

After all your documents are submitted, Gesa will work on underwriting your loan. This is where the underwriter checks all the details on your mortgage application and supporting documentation to make sure everything’s accurate and fulfills the necessary guidelines.

Once the underwriter approves all the required paperwork, your loan is nearly complete. Your lender will be in touch with you to schedule your closing and review your final loan numbers.

Your debt-to-income (DTI) ratio

Another factor to take into consideration is your DTI. DTI is all your monthly debt payments divided by your gross monthly income. DTI is one way lenders measure your ability to repay the money you’re borrowing.

Most lenders require a DTI of 45% or lower, and the maximum DTI varies by the type of loan you receive A high DTI can impact your ability to refinance or limit your refinance options. Remember that utilities, phones, etc. do not count toward your DTI. Contact a Gesa loan officer if you have any questions.

Notes and Fees - Fixed Home Equity

APR is stated as annual percentage rate. Gesa Credit Union will finance a fixed-rate, one-time loan advance using the equity in a member’s primary residence as collateral for the loan. The property must be located in Washington, Oregon and Idaho: Borrower will pay $395.00 lender fee and the credit union will pay all closing costs unless a full appraisal is required or there are fees outside of normal circumstances. Typical appraisal costs range from $600-$1,200. Minimum loan amount is $20,000. Maximum loan amount is $250,000.00. APR ranges from 8% up to 11.25%. The quoted APR ranges are accurate as of 05/15/23 and are subject to change. All rates and terms offered are dependent on credit qualification, are subject to loan to value guidelines, and are subject to change. You must be a Gesa Credit Union Member and not all applicants will qualify. Contact Gesa Credit Union for full program details.

Notes and Fees - Home Equity Line of Credit

*All loans subject to approval. APR is stated as annual percentage rate. Gesa will finance a line of credit using the equity in a member’s primary residence, investment property or vacation home as collateral for the loan. The property must be located in Washington, Oregon and Idaho. The APR is based on Prime rate as published in the Wall Street Journal plus a margin of 1.00 % to 7.00 %. APR can be adjusted quarterly with a floor of 3.95% and a maximum of 18%. Minimum loan amount is $10,000. Maximum loan amount is $250,000. Gesa will lend up to 90% of the value on a member’s primary residence (75% on manufactured homes and investment properties), minus any existing mortgages or liens. The loan has a 10 year draw period followed by a 15 year repayment period. The variable monthly payment during the draw period will be a minimum of $75.00 or an interest only payment (whichever is greater) based on the balance of the loan when the cycles ends each month.

During the 15 year repayment period, the payment will be a variable payment of principal and interest to pay the balance owing at the end of the draw period in full on an amortized 15 year term. Borrower will pay $395.00 lender fee and the credit union will pay all closing costs unless a full appraisal is required, or there are fees outside of normal circumstances. Borrower pays all fees on investment properties and second homes. Typical appraisal costs range from $600-$1,200.

Other Loan Services

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Refinance

Replace your current mortgage

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Purchase

Buy a home with Gesa

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Notes & Fees Glossary

	Disclaimer
*APY	* APY = Annual Percentage Yield. Rates, terms, and fees are subject to change. APY is accurate as of the first day of the month – the last dividend declaration date.
SmartPlus Checking	*To earn the higher rate, you must: Enroll in eStatements Make a monthly direct deposit of over $200 Complete 15 debit card transactions Provide and maintain a valid email address Limit one account per member For any month where the account does not meet the qualification requirements, the account will earn a lower rate. Minimum balance of $5 needed to open.Qualifying account balances meet minimum requirements. APY subject to change monthly. Rate may change after the account is opened. The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings. Limit of one specialty checking account (Smart Plus Checking) per member.

Disclaimer

*APY

* APY = Annual Percentage Yield. Rates, terms, and fees are subject to change. APY is accurate as of the first day of the month – the last dividend declaration date.

SmartPlus Checking

*To earn the higher rate, you must:

Enroll in eStatements
Make a monthly direct deposit of over $200
Complete 15 debit card transactions
Provide and maintain a valid email address
Limit one account per member

For any month where the account does not meet the qualification requirements, the account will earn a lower rate. Minimum balance of $5 needed to open.Qualifying account balances meet minimum requirements. APY subject to change monthly. Rate may change after the account is opened. The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings. Limit of one specialty checking account (Smart Plus Checking) per member.

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