IMAGINE IT. DO IT.

You can generally borrow up to 80% of your home’s value minus your existing mortgage payment. At Golden 1, the minimum amount for an Equity My Way Line of Credit is $25,000. The maximum loan amount is $500,000. 

In determining your actual credit line, we’ll also consider your ability to repay the loan (principal and interest) by looking at criteria such as your income, debts, other financial obligations, credit history, lien position and combined loan to value (CLTV) of your existing first mortgage plus the new line of credit. 

You can use the funds from your Equity My Way Line of Credit for nearly anything. Many homeowners use their line of credit for major items, such as education costs, home improvement projects or medical bills, or for unexpected emergencies. You can also re-use funds from your line of credit as you pay down the balance, without re-applying.

Yes, you can transfer balances from higher interest rate loans or credit cards to your Equity My Way Line of Credit. A fee is charged each time a balance transfer is made. Transfers can be made when opening the account or later by using your line of credit checks, line of credit Visa card, by calling 1-877-465-3361 for phone transfers, or in-person transfers at a branch location.

The interest you pay on the funds you borrow may be tax deductible, depending on how you use the funds and other factors. Consult a tax advisor regarding the deductibility of interest and for details on your specific situation.

No, Golden 1 does not charge a fee to apply for an Equity My Way Line of Credit, and there are no closing costs.

It typically takes 30 days to close on a new Equity My Way Line of Credit once we receive your application. If an appraisal or additional documentation is needed, processing times may vary.

The draw period is the time during which you can access funds from your line of credit. For the Equity My Way Line of Credit, the draw period is 14 years and 11 months. You can use as much or as little of the funds you need, up to your credit limit.

During the draw period, payments will be due monthly. You have the option to make interest-only payments or principal and interest payments.

Once the draw period ends, you can no longer access funds from your line of credit, and you must make monthly principal and interest payments over a 15-year repayment period. However, if you make only the minimum monthly payment, you may not pay your balance in full during the repayment period, and you may be required to make a single “balloon payment” to pay the loan in full.

You're able to convert all or a portion of the outstanding line of credit balance to a fixed rate, payment, and term. Please note that fixed rates are typically higher than the standard variable rate on your line of credit.

The fixed-rate loan conversion option has the following features:

• A maximum of five fixed-rate loan conversions are allowed at any one time, and only during the draw period for the line of credit

• A minimum of $5,000 can be converted each time

• There is no fee to process a fixed rate conversion

• Flexible term options are available, such as 4, 5, 7, 10, 15, and 20 years, provided the remaining term of the line of credit allows

• The payment is based on each converted amount and the balance on the credit line

• As you pay down or pay off the fixed portions, funds become available to use, up to the line of credit limit

To get started with the fixed rate conversion process or to learn more, please call us at 1-877-465-3361, ext. 5676 (option 3). An Equity representative will assist with your request.

You can use your Equity My Way Line of Credit checks or Visa card to access funds. You can also visit your local Golden 1 branch or call 1-877-GOLDEN 1 to request a transfer of funds from your line of credit to your checking account.

By mail, online, via automatic payment, or over the phone via one-time payment.

If you pay off your balance in full during the draw period, your line of credit will remain open so you can continue accessing funds without re-applying. If you pay off the balance in full during the repayment period, your line of credit will close.

You won’t be penalized for making additional payments toward principal. However, if you close your line of credit account within three years of opening it, there is an early closure fee of $500 or 2% of the original credit limit, whichever is less, for owner-occupied properties, and $500 for non-owner-occupied properties.