If you are a homeowner, you may be able to use the available equity in your home to qualify for a Golden 1 home equity loan or home equity line of credit (HELOC). Because equity loans and HELOCs are secured by your home, you’re more likely to get a lower interest rate and better payment terms than you would with a traditional installment or consumer loan. Plus, you may be able to deduct the interest you pay on your home equity loan or HELOC!1
A Fixed-Rate Equity Loan2 may be the best option for you if you need a set amount of cash for a specific purpose, and you want the stability of a low, fixed interest rate over the life of your loan. Upon qualification, you’ll receive your loan amount in one lump-sum disbursement.
Equity My Way Line of Credit2 is a form of revolving credit that’s secured by your home. Because you can withdraw cash as you need it, and payments are based on your outstanding balance, this may be the best option for you if you expect to incur new or ongoing expenses over a longer period.
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All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions.
1Consult your tax advisor. Golden 1 does not provide tax advice.
2Limited to one- to four-family owner-occupied units, vacation properties, and investment properties located in the state of California. Excludes mobile homes. Before your equity loan or line of credit is funded, all loans secured by your home other than your first mortgage must be paid off. Subject to property valuation. Property insurance required. Flood insurance may be required. All programs and maximum combined loan-to-values (CLTV) are subject to change or termination without notice. An early closure fee of $500 will be assessed if the loan is paid in full within three years for our "Equity My Way Line of Credit" and two years for our Fixed-Rate Equity Loans, from the date of opening. On loans and lines under $25,000, the early closure fee will be 2% of the amount prepaid for owner-occupied properties only. Contact the credit union for terms and conditions for refinancing an existing Golden 1 equity loan. Other programs are available. Your maximum loan amount will be calculated using the combined loan-to-value of your existing first fixed-rate mortgage and new second mortgage according to current guidelines.
3The minimum annual percentage rate (APR) is 4.50%. The rate may change after the account is opened. The maximum APR is 18% for owner-occupied homes and 19% for non-owner-occupied homes. Homeowner insurance is required. Flood insurance may be required.
This credit union is federally insured by the National Credit Union Administration.
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