Home Equities

TEG has home equity loan options that allow you to use your home’s equity in your primary residence to help you pay for life’s big expenses.

FIXED RATE HOME EQUITY LOAN

(Fixed Rate As Low As)

5.25%

This option is best for meeting a one-time financial need as the funds are disbursed all at once. With a fixed rate, you’ll know exactly how much each payment will be for the life of your loan.

  • Loan amounts between $25,000 and $250,000
  • Terms up to 15 years
  • Low fixed interest rate
  • No closing costs1

 

HOME EQUITY LINE OF CREDIT (HELOC)

(Variable Rate As Low As)

5.00%

This might be the best option for you if you want the flexibility to borrow funds as you need them. With a revolving line of credit2, it’s easy to finance needs like home improvements that may take separate phases to complete.

  • Lines of credit between $25,000 and $250,000
  • Initial advance of $5,000, no minimum for subsequent advances
  • Funds accessible by transfer, in-person requests, and home equity checks
  • Draw period up to 10 years
  • Repayment period up to 15 years
  • Variable interest rate3
  • No closing costs1

Borrower is responsible for prepaid items including interest, taxes and insurance, if applicable. If loan is paid in full within 36 months, borrower will be responsible to pay $750 in closing cost recapture. An upfront appraisal fee may be required which will be refunded at closing. In the case where a home equity loan serves as a second mortgage in conjunction with a first mortgage purchase through TEG, closing costs will not apply. 2Minimum payment during draw period is interest only. 3 Rate is subject to change monthly and is based on the Prime Rate as published in The Wall Street Journal.

*Some restrictions may apply. We offer home equity loans/lines of credit up to a competitive percentage of appraised value.