Home Equity Loans

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 or the following counties in Idaho: Benewah, Bonner, Boundary, Clearwater, Kootenai, Latah, Lewis, Nez Perce or Shoshone. Borrower will be required to pay all fees. Loan value restrictions apply. Minimum loan amount is $20,000. All rates and terms offered are dependent on credit qualification, are subject to loan to value guidelines, and are subject to change. Contact Gesa Credit Union for full program details.

Payment Example – Fixed Home Equity Loan: fixed rate; terms to 60 months. Payment of $413.95 a month based on a 5 year, $20,000 loan at 8.875% APR.

*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 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 2.50% to 5.00%. 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 be required to pay all fees.