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Last Updated: 04/18/2025

Greater New Orleans FCU Home Equity Line of Credit

from Greater New Orleans Federal Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

$10,000 - $100,000

Maximum LTV

100%

Minimum Draw

N/A

Loan Term (Years)

Up to 15

Greater New Orleans FCU Home Equity Line of Credit Review

Greater New Orleans FCU Home Equity Line of Credit is offered by Greater New Orleans Federal Credit Union , a credit union founded in 1935 and based in Metairie, LA. Greater New Orleans FCU Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
High maximum LTV ratio. Greater New Orleans FCU Home Equity Line of Credit has a maximum loan to value ratio of 100%.

Greater New Orleans FCU Home Equity Line of Credit Pros & Cons

Pros

Cons

Available in all 50 states.

Charges an origination fee.
Charges prepayment fees.
No co-sign option available.

Greater New Orleans FCU Home Equity Line of Credit FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $100,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 100%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $80k in credit.

What are the terms for Greater New Orleans FCU Home Equity Line of Credit?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Greater New Orleans FCU Home Equity Line of Credit offers home equity loans with a maximum term of 15 years and a draw period of up to 5 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What is the estimated funding time for a HELOC?

The HELOC through Greater New Orleans Federal Credit Union can fund in as few as 14 days after approval.

What fees does Greater New Orleans FCU Home Equity Line of Credit charge for a HELOC?

Greater New Orleans FCU Home Equity Line of Credit may charge an origination fee.

What types of property can you use as security for a HELOC with Greater New Orleans FCU Home Equity Line of Credit?

Greater New Orleans Federal Credit Union may consider HELOCs secured by the following property types:

Primary residences
Secondary or vacation homes

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Contact

Headquarters

3105 Lime St

Metairie, LA 70006

(504) 454-8224

Visit Site

Hours of Operation

Sunday

Closed

Monday

9:00AM - 4:00PM

Tuesday

9:00AM - 4:00PM

Wednesday

10:00AM - 4:00PM

Thursday

9:00AM - 4:00PM

Friday

9:00AM - 4:00PM

Saturday

9:00AM - 1:00PM

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SuperMoney Net Recommendation Score

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-1000+100

No one recommends

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