GRB makes it easy for you to leverage the equity in your home to help fund personal needs. What’s best, you can enjoy a 1% rate reduction when you establish your primary banking relationship with GRB. Your GRB Branch Manager or Relationship Manager can help you decide which Home Equity product is right for you.
|Home Equity Loan||Home Equity Line of Credit|
|About||Fixed interest rates on loans up to 85% of the value of your home||Variable interest rates, tied to Prime, for lines up to 85% of the value of your home|
|Term||5 years*||25 years**|
|Closing Costs||GRB pays up to $2,500||GRB pays up to $2,500|
|Early Closure Penalty||N/A||Closing costs must be paid back if line is closed out within the first three years|
|Extras||1% rate reduction with primary banking relationship at GRB||1% rate reduction with primary banking relationship at GRB|
|Rates||Click here||Click here|
*Home equity loan rates are fixed for the first 5 years. At the end of 5 years, the loan is called and the balance is due in full (balloon payment). A home equity loan may potentially be refinanced at the balloon date (subject to bank approval). Minimum amortization is 5 years; maximum amortization is 15 years.
**Home equity lines of credit have an initial draw period of 10 years, followed by a 15 year repayment schedule.
Let's Get It Started
GRB makes it easy to get the process started right now. Simply download the HELOC/Home Equity Loan Kit, provide the information requested, sign, then contact your GRB Personal Banker or bring into one of our branch locations today.