Leverage the Value in Your Home

Your home is likely your most valuable asset. We can help you leverage its value to help reach your biggest goals. From remodeling your home to consolidating high-interest debt, you can get the cash you need through a GOLD Home Equity Loan or Line of Credit.

So, what's home equity, anyway? It's the difference between your home's market value and the remaining balance on your first mortgage and any other mortgages or home equity loans secured by your home. Your home equity can increase over time if the property value increases or the loan balance is paid down. A home equity loan or line of credit lets you borrow against that equity at a low rate and terms up to 20 years. While we caution against using your home as collateral for smaller, short-term borrowing needs, it can be a wise move to lower the long-term cost and monthly impact of larger, high-interest debt, larger investments, or major expenses that you encounter.

Properties must be owner-occupied, deeded in the borrower's name(s), and classified as a one-to-four-family dwelling. While our home equity lending is specialized in Pennsylvania and New Jersey, don't hesitate to ask about properties in other states. Requests for home equity loans and lines of credit require a minimum loan amount of $10,000. 

Loan or Line of Credit?

Which home equity product should you pick, loan or line of credit?

Each has its advantages. A GOLD Home Equity Loan, for instance, gives you a one-time payout with a fixed rate and payments, perfect for a large purchase. On the other hand, our GOLD Home Equity Line of Credit (HELOC) gives you more flexibility, letting you borrow as needed and only pay on the funds you use, similar to a credit card.

Both feature competitive APRs, generous limits, and flexible terms.

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Home Equity Loan

If you're faced with a large important purchase, you're determined to consolidate your debt by your target date, or you just see an opportunity to refinance your mortgage for a better rate or shorter term, a GOLD Home Equity may be for you. This is a secured loan that uses your primary residence as collateral. You'll get a low fixed rate and an affordable monthly payment that will never increase.

Our members often use their loan for debt consolidation, college tuition payments, or home renovations. Whatever your plan, we’re here to advise you on what makes sense as long-term versus short-term debt and can help you decide if a GOLD Home Equity Loan is the best option for you.

You'll receive a single lump sum when you sign on your loan to use toward whatever big purchase(s) you have on the horizon. Your payments on the loan are fixed for the life of the loan so that you can budget effectively.

  • Competitive rates
  • Fixed monthly payment
  • Choice of rates with terms up to 20 years (240 months)
  • No prepayment penalties
  • No application or annual fees
  • Low or no mortgage recording fee
  • Tax-deductible interest*
  • Optional Credit Life and Disability Insurance available to protect you and your family
  • $10,000 minimum request for GOLD Home Equity Loans
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Home Equity Line of Credit (HELOC)

Planning a major home renovation or another ongoing project? Use the equity in your home to keep cash accessible through a GOLD Home Equity Line of Credit (HELOC). A HELOC is a variable-rate secured loan that uses your primary residence as collateral. It'll get you the funds you need, when you need them, on a recurring basis.

Our members often use their line of credit for home improvement projects, ongoing medical expenses, or just to have available for emergency expenses.

With a HELOC, you'll enjoy the convenience of having the cash you need when you need it most. You can borrow up to 80 percent of your home's appraised value, minus the balance owed on your mortgage and any other loans tied to your home.

  • Revolving line of credit
  • Low variable rate
  • 10-year (120-month) draw period and 15-year (180-month) repayment period
  • Easy access to funds through GOLD Digital Banking
  • GOLD Debit Card or checks linked to your account (by request)
  • No prepayment penalties
  • No application or annual fees
  • Low or no mortgage recording fee
  • Tax-deductible interest* 
  • $10,000 minimum request for GOLD Home Equity Line of Credit
*Consult a tax adviser for further information regarding the deductibility of interest and charges. 

 
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Loan vs Line Comparison Chart

 
  GOLD Home Equity Loan GOLD Home Equity Line of Credit (HELOC)
Summary You need a specific amount for an immediate need. You expect to need funds over time. 
Rate Type Fixed Variable
Access Your Funds One lump sum distribution when you sign on your loan. Easy, ongoing access throughout the draw period. 
Make draws of as little as $100. Transfer funds to your GOLD Checking or Savings via GOLD Digital Banking 24/7, GOLD Debit Card, or checkbook for direct line access (by request). Request draws by phone by calling 484-223-4200. 
Max Term 20 years (240 months) 10 years (120 months) draw. 15 years (180 months) to repay from last draw.
Fees* No prepayment penalties 
No application or annual fees 
Low or no mortgage recording fee
No prepayment penalties 
No application or annual fees 
Very low closing costs
Insurance** Optional Credit Life and Disability Insurance available to protect you and your family.  N/A


Our Loan Department would be happy to help you decide which type of loan is best for you. Call us at 484-223-4216 for a no obligation consultation.

*View our current loan rates and fee schedule. Mortgage fees and closing costs will vary by county and loan amount.

**Credit Life and Disability is offered through MEMBER’S CHOICE® and is a voluntary insurance product. Your financing outcome is not based on your selection of this product. Contact Credit Union for plan details.

Current Rates

Rates effective 3/01/2024

GOLD Home Equity Loans ($10,000 minimum loan request)1
Terms APR1 as low as
Up to 60 Months 5.74%
61-120 Months 5.99%
121-180 Months 6.74%
181-240 Months 7.49%

GOLD Home Equity Line of Credit ($10,000 minimum loan request)1
Term APR1 as low as
180 Months 8.00%2

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Save More on Your GOLD Loan

Members with GOLD Medal Checking3 are eligible for a relationship pricing discount4 on select new loans with GOLD when automatic payments are enabled. You can save 0.25% on the applicable annual percentage rate of new a fixed rate GOLD Home Equity Loan. Don't have GOLD Medal Checking yet? We'll walk you through how it works and the perks, and we can even open the account for you right alongside processing your loan. 

1 APR=Annual Percentage Rate. Credit Union eligibility and membership are required prior to opening an account or loan. Rate, term, and loan amount vary based on credit review and collateral evaluation. Not all applicants will qualify for approval. Properties used as collateral must be owner-occupied, deeded in the borrower's name(s), and classified as a one-to-four family dwelling. State limitations may apply. Other fees, terms, and conditions may apply. See credit union for details. 2 For Home Equity Line of Credit, after approval your rate is subject to change at any time without notice. Rates will vary with the market based on Prime Rate plus qualifying margin with a floor of 4.50% APR. Other fees, terms, and conditions may apply for each product listed. See credit union for details.3 To maintain eligibility for a GOLD Medal Checking account, members must have a minimum of $850 per month in deposits, $750 per month in withdrawals, and an active GOLD Debit or Credit Card. If the account does not meet these requirements for six consecutive monthly statement periods, the account will be converted to the GOLD Standard Checking account by the end of the seventh monthly statement period. Fees could reduce earnings; see fee schedule. 4 GOLD Medal Checking account holders are eligible for a .25% discount of the applicable annual percentage rate on new fixed rate home equity, auto, recreational vehicle, and personal loans. Discount is not retroactive to loans funded prior to opening GOLD Medal Checking. Direct deposit and automatic payments must be set up for the new loan to be eligible. If automatic payments are disabled or member no longer holds a GOLD Medal Checking account, loan rate discount will be removed effective at the time of the change in status. Monthly payments are calculated at the non-discounted rate. Not all applicants will qualify for loan approval. Other terms and conditions may apply. See credit union for details.
Home Equity FAQs

A fixed-rate loan has an interest rate that will not change over the life of the loan. GOLD Home Equity Loans typically have a fixed rate. With a variable rate, your interest rate is tied to an index, namely the Prime Rate as published in The Wall Street Journal, meaning it can change over time. GOLD Home Equity Lines of Credit (HELOCs) typically have a variable rate.

No. At GOLD Credit Union, we only offer Home Equity Loans and HELOCs on primary residences. It must be an owner-occupied, one-to-four family dwelling.

No. There are many ways to put your loan or line of credit to use. Many of our members use theirs to make home improvements, consolidate debt, and pay college tuition.

Your draw period is the fixed length of time during which you can access funds from your HELOC. Our HELOCs have a 120-month draw period.

Your repayment period begins when your draw period ends. Our HELOCs have a 180-month repayment period.
 

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Protect Your Future

There’s no way to predict life's curveballs — but did you know you can protect your loan? Credit Life and Disability Insurance will help you make your monthly payments in the event of a covered life event, injury, illness, or death.

Ready to get started?

Click "Apply Now" to get started, or call 484-223-4216 during normal business hours to receive a free consultation and quote or even to apply over the phone if you're ready. 

All residential mortgage loan originators (MLOs) are nationally registered under a unique identifier. The unique identifier allows consumers to pull up employment history and any disciplinary and enforcement actions against MLOs in a publicly searchable online database. Click here to view the list of active GOLD MLOs.
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1 APR=Annual Percentage Rate. Credit Union eligibility and membership are required prior to opening an account or loan. Rate, term, and loan amount vary based on credit review and collateral evaluation. Not all applicants will qualify for approval. Properties used as collateral must be owner-occupied, deeded in the borrower's name(s), and classified as a one-to-four family dwelling. State limitations may apply. Other fees, terms, and conditions may apply. See credit union for details. 2 For Home Equity Line of Credit, after approval your rate is subject to change at any time without notice. Rates will vary with the market based on Prime Rate plus qualifying margin with a floor of 4.50% APR. Other fees, terms, and conditions may apply for each product listed. See credit union for details. 3 To maintain eligibility for a GOLD Medal Checking account, members must have a minimum of $850 per month in deposits, $750 per month in withdrawals, and an active GOLD Debit or Credit Card. If the account does not meet these requirements for six consecutive monthly statement periods, the account will be converted to the GOLD Standard Checking account by the end of the seventh monthly statement period. Fees could reduce earnings; see fee schedule. 4 GOLD Medal Checking account holders are eligible for a .25% discount of the applicable annual percentage rate on new fixed rate home equity, auto, recreational vehicle, and personal loans. Discount is not retroactive to loans funded prior to opening GOLD Medal Checking. Direct deposit and automatic payments must be set up for the new loan to be eligible. If automatic payments are disabled or member no longer holds a GOLD Medal Checking account, loan rate discount will be removed effective at the time of the change in status. Monthly payments are calculated at the non-discounted rate. Not all applicants will qualify for loan approval. Other terms and conditions may apply. See credit union for details.

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