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Home Equity

Grand Valley Bank offers a variety of loans to meet your financial needs. Because we are locally owned, all loan decisions are made right here where you bank. This local decision making means that you get timely decisions and flexible loan terms.

Home Equity Loans, Lines of Credit

Use the equity in your home to finance any family need - home improvement, school tuition, travel and debt consolidation.

Many times the interest that you pay on your home equity loans or lines is tax deductible offering added benefit to using your home for your loan. To determine if your loan request qualifies for the tax deduction or to determine your taxable savings, talk to your tax advisor.

Type of LoanHome Equity Loan
 
  • Fixed rate loans up to a 5 year maturity.
Download a printable loan application that you can fill out and bring in for faster processing. Click below to get your loan application. This loan application form is printer friendly and in Adobe Acrobat PDF form. Click below to get the FREE Adobe Acrobat Reader.
GVB Home Equity Loan Application Adobe Acrobat Reader
Type of LoanHome Equity Line of Credit
 
  • Variable rate, revolving line of credit using the equity in your home as collateral.
  • Ten year draw period and amortizing ten year repayment period.
  • Use the line, repay it and the availability stays until you need it again.
  • The monthly payment amount depends on the balance outstanding and the interest rate in effect at the time.
Download a printable loan application that you can fill out and bring in for faster processing. Click below to get your loan application. This loan application form is printer friendly and in Adobe Acrobat PDF form. Click below to get the FREE Adobe Acrobat Reader.
GVB Home Equity Loan Application Adobe Acrobat Reader

Rates and terms vary depending upon amount financed and customer credit qualification. Rate discounts are available for Grand Valley Bank deposit customers, for automatic payments or loans to value of less than 60%. Maximum financing is generally 80% loan to value.

To calculate your available borrowing:
Anticipated appraised value $100,000
  X 80%
Lendable Equity 80,000
1st Mortgage (63,000)
Available to Borrow $17,000
To calculate your loan to value:
Balance of your 1st Mortgage $ 55,000
New loan requested 10,000
Total of Loans 65,000
Anticipated appraised value ÷100,000
Loan to Value 65%

 

Come see us for all of your borrowing needs. You'll get the personal attention that is so important.

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