Home Equity Line of Credit

Put the Power of Your Home to Work for You!

Introductory rate as low as 1.50% APR1 for 6 or 12 months

Standard rates as low as Prime minus 0.25% APR, currently 3.00% APR1

The equity in your home is one of the most easily accessible, lowest cost sources of funds available to most homeowners.

So, if you see any larger expenses in your future and don’t want to pay cash or put it on a high-interest credit card, a Home Equity Line of Credit (HELOC) from GRB may be the perfect financing opportunity for you.

Great Rates. Flexible Terms.

With a GRB HELOC you have great rates and flexible terms including: 

  • Low introductory rate of 1.50% Annual Percentage Rate (APR) locked for up to 12 months
  • Variable rate thereafter with standard rates as low as Prime minus 0.25% APR!
  • The Wall Street Journal Prime rate is 3.25% as of 3/1/21
  • Lines from $10,000 to $500,000
  • 10-year draw with a 15-year repayment (total term of 25 years)2  
  • Convenient check writing against your HELOC
  • Pay interest only when you borrow 
  • Pay off the line, then draw on it again without reapplying
  • No annual fee
  • All closing costs up to $2,500 paid by GRB3

Ways to Use Your HELOC

Use the available equity in your home to:

Make improvements
Start a business
Pay tuition
Consolidate debt
Emergency cash
Take a vacation

Rates During Promotional Period

For line of credit amounts up to $500,000, GRB provides a rate that is below Prime!

Loan Size
Standard GRB Deposit Accountholder Rate* (available for 6 months)
GRB Elite Accountholder Rate (available for 12 months)
Loan Size
Loans up to $500,000.00
Standard GRB Deposit Accountholder Rate* (available for 6 months)
1.50% Annual Percentage Rate (Prime – 1.75% APR**)
GRB Elite Accountholder Rate (available for 12 months)
1.50% Annual Percentage Rate (Prime – 1.75% APR**)

1 Rate available for GRB standard accountholders is Prime minus 1.75% for 6 months. Rate for GRB Elite accountholders is Prime minus 1.75% for 12 months. As of 3/1/21 the WSJ Prime rate is 3.25%. Best rate after promotional period for Standard and Elite accountholders is Prime minus 0.25%, or 3.00% APR as of 3/1/21. The line has a variable rate feature with a ceiling of 15.00% APR, and the annual percentage rate (corresponding to the periodic rate) and the minimum payment can change as a result of this feature. Applicants must meet credit and home loan-to-value requirements. Other terms and conditions may apply.

2 Termination of the line for any reason sooner than 36 months after it is opened will result in reimbursement of any third-party fees incurred by GRB to open the line. This includes, but is not limited to, fees related to the appraisal, credit report, flood certification, title search, recording fees, and state tax/stamps. In addition to the fees and charges described above in this section, you must carry insurance (hazard and flood insurance, as applicable) on the property that secures the line of credit.

3 Any closing costs in excess of $2,500 will be paid by the borrower. Average closing costs are noted below.

* A deposit relationship is defined as having payments auto-deducted from a GRB deposit account or direct deposit of income into a GRB deposit account. See the GRB Checking Accounts page for account features and requirements.

** APR = Annual Percentage Rate. Prime = Wall Street Journal Prime Rate, which is 3.25% as of 3/1/21. Rates are variable based on Wall Street Journal Prime Rate plus the margins indicated above. All Home Equity Lines of Credit have ceilings of 15.00% APR, floors are variable. The APRs shown are current as of 3/1/21 and are available to a customer who has the credit score required by GRB for its best rate, whose line of credit meets any applicable loan-to-value requirement and whose line of credit is secured by the customer’s primary residence or second home. All rates and terms are subject to credit qualification. Rates are subject to change without notice.

Average Closing Costs

The closing cost estimate provided below is an average and to be used for approximation purposes only. Please work with your GRB representative to secure an actual closing cost estimate for your home equity line of credit.

Appraisal Fee $135.00
Credit Report $37.00
Flood Certification $12.00
Title Search $320.00
Recording Fees $170.00
State Tax/Stamps $117.75

Rates After Promotional Period

Even after the promotional period is over, your GRB HELOC still provides great rates.

Loan Size
0% – 80.00% Loan to Value APR*
0% – 80.00% Loan to Value APR* w/Deposit Relationship**
80.01% to 85.00% Loan to Value APR*
80.01% – 85.00% Loan to Value APR* w/Deposit Relationship**
Loan Size
Loans up to $49,999.99
0% – 80.00% Loan to Value APR*
4.25% (Prime + 1.00%)
Floor 3.00%, ceiling 15.00%
0% – 80.00% Loan to Value APR* w/Deposit Relationship**
3.25% (Prime + 0.00%)
Floor 3.00%, ceiling 15.00%
80.01% to 85.00% Loan to Value APR*
5.00% (Prime + 1.75%)
Floor 3.75%, ceiling 15.00%
80.01% – 85.00% Loan to Value APR* w/Deposit Relationship**
4.00% (Prime + 0.75%)
Floor 3.75%, ceiling 15.00%
Loan Size
Loans $50,000 to $300,000
0% – 80.00% Loan to Value APR*
4.00% (Prime + 0.75%)
Floor 3.00%, ceiling 15.00%
0% – 80.00% Loan to Value APR* w/Deposit Relationship**
3.00% (Prime – 0.25%)
Floor 3.00%, ceiling 15.00%
80.01% to 85.00% Loan to Value APR*
4.75% (Prime + 1.50%)
Floor 3.75%, ceiling 15.00%
80.01% – 85.00% Loan to Value APR* w/Deposit Relationship**
3.75% (Prime + 0.50%)
Floor 3.75%, ceiling 15.00%
Loan Size
0% – 75.00% Loan to Value APR*
0% – 75.00% Loan to Value APR* w/Deposit Relationship**
Loan Size
Loans $300,000.01 to $500,000.00
0% – 75.00% Loan to Value APR*
4.00% (Prime + 0.75%)
Floor 3.00%, ceiling 15.00%
0% – 75.00% Loan to Value APR* w/Deposit Relationship**
3.00% (Prime – 0.25%)
Floor 3.00%, ceiling 15.00%

Home Equity Line of Credit FAQs

What is equity in a home?

Equity in a home is the difference between what you own on the mortgage and how much your home is worth. For example, if you owe $100,000 on your mortgage and your home is worth $225,000, then you have $125,000 of equity in your home. Equity increases as you pay off your mortgage and as the value of your home increases (year-over-year, increases in value are typical, though not guaranteed). Often, the equity in the home can be tapped as a funding source for making home improvements, paying for college tuition, consolidating debt, etc.

What is a home equity line of credit or loan?

Home equity loans and lines of credit allow homeowners to borrow money based on the equity in their home. Equity is the difference between what is owed on the home mortgage and what the home is currently worth.

How does a HELOC work?

A Home Equity Line of Credit (HELOC) is a source of revolving funding secured against the equity in a residential home. It has two phases, the draw period (during which you used the funds) and the repayment period (paying off the line). The interest rate is variable.

What can you use a home equity line of credit for?

A HELOC is most commonly used for home improvements, but it can be a low-cost source of funding for paying college tuition, consolidating debt, or other large expenses.

How do I pay off a HELOC?

You will make minimum payments during the draw period. Once the line of credit is in the repayment period, you pay principal and interest on the amount borrowed. Some HELOCs have an early prepayment penalty, always check the terms of the line before closing it out.

How many times can I “draw” on my line?

This can vary with the terms of the HELOC. If you are unsure about the terms of your line, check with a lending representative before deciding how you want to structure your draws from the line.

How can I use my HELOC to make payments?

It’s common with a HELOC to receive checks that you can use to make your payments. You can also use online or mobile banking to transfer funds. It is important to manage your Home Equity Line of Credit as you would any other account, reconciling the account on a regular basis.