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.
- Low variable rates
- No annual fee
- Loan amounts from $10,000-$250,000
- $395 lender fee on Primary residences (unless there’s a full appraisal required or there are fees outside of normal circumstances)
Make the most of your home equity*
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.
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.
- Low variable rates
- No annual fee
- Loan amounts from $10,000-$250,000
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.
*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
Banking
Loans
Investing
Business Banking
About Gesa
Federally insured by NCUA – Equal Housing Opportunity Lender – Co-op Shared Branch
If you are using a screen reader or other auxiliary aid and are having problems using this website, please call (888) 946-4372 for assistance.
© Gesa Credit Union. All Rights Reserved
Routing Number: 325181248
51 Gage Blvd. Richland, WA 99352
Federally insured by NCUA – Equal Housing Opportunity Lender – Co-op Shared Branch
NCUA
© Gesa Credit Union. All Rights Reserved
You are leaving gesa.com
We are redirecting you to an external website
You are being redirected to a site that is not operated by Gesa Credit Union. Gesa is not responsible for the content of the site, nor does Gesa represent the site or the Gesa member if the member decides to act upon or enter into a transaction with the site.
Privacy and security policies of the site may differ from those of Gesa Credit Union.
Help when you need it.
Gesa makes banking as easy, convenient and secure as possible.
Resources
Quick Links
People helping people.
Gesa credit union is committed to making a positive impact in the communities we serve.
In the Community
About Gesa
Affinity debit cards give back to your community when you swipe.
We're in the business of growing yours.
We have the accounts, products, and services to help you and your small business succeed.
Business Visa:
A low-rate card made for business owners.
Banking made for you.
With best-in-class rates and a variety of everyday banking products, Gesa has the right account, card, or loan for you.
Up to 5.00% APY
On select checking accounts!
Routing Number 325181248
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:
|