Home equity loans & home equity lines of credit

A home equity loan allows you to use the difference between what your home could sell for and what you owe on the mortgage as a way to finance expenses such as home improvements or your child’s education.

Home Equity Loans
A home equity loan is a loan for a fixed amount of money that is secured by your home. You repay the loan with equal monthly payments over a fixed term, just like your original mortgage. If you don’t repay the loan as agreed, your lender can foreclose on your home.

Home Equity Lines of Credit
A home equity line of credit (HELOC) is a revolving line of credit, much like a credit card. You can borrow as much as you need, any time you need it, by writing a check or using a credit card connected to the account. You may not exceed your credit limit. Because a HELOC is a line of credit, you make payments only on the amount you actually borrow, not the full amount available. HELOCs also may give you certain tax advantages unavailable with some kinds of loans. Talk to an accountant or tax adviser for details.

Contact us to get started.

We will provide you with free credit and income analysis, and advise you how to prepare for the purchase.
We will explain what documentation is required to effectively start the process.


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GRU Financial Corp.

1410 Higgins Rd. Suite 103 • Park Ridge, IL 60068
Phone: (847) 292-0011 • Fax: (847) 292-0022
Illinois Residential Mortgage Licensee MB.6760249 NMLS: 189514

GRU Financial Corp. Member of NAMB and IAMP. Equal Housing Lender. Tools and calculators serve as a courtesy to help you estimate your mortgage needs. Results shown are estimates only.

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Restrictions and limitations apply. Results of the mortgage affordability are estimates; the estimate is not an application for credit and results do not guarantee loan approval or denial.