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Combo Home Equity Line of Credit

Put your home equity to work with a home equity line of credit, or HELOC, and fund your dream home renovation, make a big purchase, consolidate high-interest debt or whatever else you need.
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Unlock your home's equity

Georgia United Credit Union’s Combo HELOC can help you get the cash you need to fund a big expense or a home project. It's a combination of a home equity loan and home equity line of credit, with the option to secure a fixed rate with a fixed monthly payment or a variable rate line of credit. 

  • Credit lines from $10,000 - $500,000
  • Borrow up to 90% of your home's equity

Unlock the power of your home's equity today and say hello to endless possibilities.

COMBO HELOC Benefits

Easy to Budget

With a fixed rate option, you can lock your HELOC balance for up to 10 years and plan your budget confidently with predictable monthly payments.

Lower Payments

HELOC rates are drastically lower than credit card rates, which save you money in the long run. Qualified borrowers have the additional option of interest-only payments. 

Convenient Banking

We've made managing your funds more convenient than ever. Easily access your funds through checks, Online Banking or by visiting a Georgia United branch or ATM. 

Featured Rates

How it Works

Rates that fit your budget

You can choose to lock all or a portion of your Combo HELOC balance into a fixed rate with fixed monthly payments. Lock up to five portions at any one time for terms up to 10 years. As you repay the locked balances, your available line of credit amount increases and becomes available to use.

  • Minimum lock amount is $5,000
  • First rate lock is free and each additional lock is $50

To request a rate lock on your existing Georgia United HELOC, call 888.493.4328 ext. 6851 or email homeequity@gucu.org.

Easy Ways to Apply

At Georgia United, we want to make the application process easy for you. Our Home Loan Consultants can walk you through each step of the process and answer any questions you have. To contact a Home Loan Consultant, call 888.493.4328 ext. 6851 or email homeequity@gucu.org.

 

“
In the early '70s, the credit union extended to me – a single woman under 30 – a mortgage that allowed me to buy a rundown house in the City of Decatur. That house is long paid for and worth a lot more in this rejuvenated town. Back in those days, no other financial institution would consider helping. I will always be grateful!
- Susan T.
“
I just wanted to let you know that I’m in awe of Georgia United! I spoke to you ten days ago about applying for a HELOC and today we closed on it at the Stockbridge branch. This was the EASIEST and best thing I could have ever done! Every Georgia United employee we dealt with along the way, was very helpful, prompt, kind and a joy to deal with.
- Emanuel C.
“
Every interaction I had with associates has been very positive for years!!! Never been disappointed. My recent home loan closing experience was perfect. The seller commented on how professional and on point the loan staff were.
- Alicia S.
“
Buying my first house and using the credit union was the best decision I made. They treated me well and showed how much they care.
- Hector F.

Loan Refinancing Basics

When you refinance a loan, you’re essentially taking out a new loan to pay off the other one, with terms that are better for your financial situation.

Types of Loan Refinancing

While mortgage loans may be most commonly refinanced, you can find refinancing options for auto, personal and student loans, which have started accruing interest again as of Sept. 1, 2023. Roughly 44 million Americans must start repaying student debt in October 2023 after a three-and-a-half-year pause, creating possible stress on many households' finances. Refinancing might be a smart option if you took out a private student loan and did not meet the requirements for federal student loan forgiveness.

Not all lenders will refinance your loan, though. Just as you had to convince a lender that you were a good fit for your original loan, you’ll need to do the same when you refinance. Lenders will consider your income, credit history and  credit score.

Benefits and Risks

The benefits of refinancing could include lowering your interest rate or monthly payment or changing the length or type of your loan. The financial calculators below can help you estimate how much you may save based on these variables.

Keep in mind that lowering your monthly payment may require extending your loan, which could mean that you pay more overall. Likewise, shortening your term can make it harder to afford your payments if your financial situation changes unexpectedly. If you refinance federal student loans, you could lose access to debt forgiveness or government relief programs. Be sure to verify if there are any prepayment penalties on the previous loan.

When to Refinance

The best time to refinance depends on multiple factors. If interest rates have dropped since you took out the loan or if your credit score has improved significantly, it may be worth trying to lower your interest rate with a refinanced loan. If you’re struggling to make your monthly payments, lowering your payments with a longer term, even if it means paying more overall, can help take some of the strain off your budget.

Each situation is different but taking all these factors into consideration will help you decide if refinancing makes sense for you.

Georgia United offers refinancing options for home loans, new and pre-owned vehicle loans and student loans. And Georgia United Visa®  Credit Card account holders can transfer credit card balances without incurring a balance transfer fee.

You can apply for loan refinancing or a credit card from the comfort of your home on our website, by calling our Member Care Center or visiting a local branch. We look forward to helping you achieve your financial goals.

Source: Banzai

Content provided for informational purposes only and should not be interpreted as legal advice on any subject matter.

 

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Similar to a credit card, but different than a home equity loan, a HELOC provides you with a credit line that replenishes access to funds as you repay.

*APR = Annual Percentage Rate. Combo Home Equity Lines of Credit are variable based on the U.S. prime rate. Rates as low as 8.00% APR and are based on individual creditworthiness, loan-to-value ratio and ability to repay. The maximum APR that can apply is 15.00%. Members have the ability to lock the balance or portions of the balance into a low, fixed rate for term options up to 10 years. First rate lock is free; each additional is $50. Minimum fixed rate lock amount per loan is $5,000. The minimum amount due for each segment must be satisfied each month. Payments over and above the amount(s) due are automatically paid to the highest rate segment unless otherwise specified. For loan amounts of up to $500,000, closing costs that members must pay typically range between $500 and $1,375. Property insurance is required. Flood insurance may be required. Fees will vary on the lines. Fees will be added to the line at closing or can be paid up front. Not all products are available in all states or for all amounts. All home lending products are subject to credit and property approval. Other restrictions and qualifications apply. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. All loans are subject to pricing adjustments based on the borrower’s credit worthiness and loan-to-value. Membership eligibility restrictions and qualifications apply. Membership requires a $5 opening deposit plus a $5 one-time, nonrefundable membership fee. Not all applicants will qualify.

Rates effective as of