Home Equity

1) Rate available for GRB standard accountholders is Prime minus 1.75% for 6 months (frequency of rate review will be monthly). Rate for GRB Elite accountholders is Prime minus 1.75% for 12 months. As of 12/19/2024 the WSJ Prime rate is 7.50%. Best rate after promotional period for Standard and Elite accountholders is Prime minus 0.25%, or 7.50% APR as of 12/19/2024. The line has a variable rate feature with a ceiling of 15.00% APR, and the annual percentage rate (corresponding to the periodic rate) and the minimum payment can change as a result of this feature. Applicants must meet credit and home loan-to-value requirements. Other terms and conditions may apply.

2) Termination of the line for any reason sooner than 36 months after it is opened will result in reimbursement of any third-party fees incurred by GRB to open the line. This includes, but is not limited to, fees related to the appraisal, credit report, flood certification, title search, recording fees, and state tax/stamps. In addition to the fees and charges described above in this section, you must carry insurance (hazard and flood insurance, as applicable) on the property that secures the line of credit.

3) Any closing costs in excess of $2,500 will be paid by the borrower. Average closing costs are noted below.

Average Closing Costs
The closing cost estimate provided below is an average and to be used for approximation purposes only. GRB is paying your closing costs up to a maximum of $2,500. The borrower is required to pay all closing costs above $2,500. If you pay off and close your home equity line of credit within the first 36 months, you will be required to reimburse GRB for these costs paid on your behalf. Your costs may be higher or lower. Please work with your GRB representative to secure an actual closing cost estimate for your home equity line of credit.

• • Appraisal Fee $200-600
  • Credit Report $10-30
  • Flood Certification $18
  • Title Search $189-250
  • Title Insurance^ $0-800
  • Attorney Fee^ $0-600
  • Mortgage Filing Fee $5-100
  • Mortgage Tax $125-1,000
  • Tax Service Fee* $106

TOTAL $653-3,504

^ Title Insurance Fees, and/or Attorney Fees, and/or Tax Service Fees only apply to a home equity line of credit that will be in first lien position.

^* APR = Annual Percentage Rate. Prime = Wall Street Journal Prime Rate, which is 7.50% as of 12/19/2024. Rates are variable based on Wall Street Journal Prime Rate plus the margins indicated above. All Home Equity Lines of Credit have ceilings of 15.00% APR, floors vary and are determined by loan-to-value ratio (see tables for details). The APRs shown are current as of 12/19/2024 and are available to a customer who has the credit score required by GRB for its best rate, whose line of credit meets any applicable loan-to-value requirement and whose line of credit is secured by the customer’s primary residence or second home. All rates and terms are subject to credit qualification. Rates are subject to change without notice.

^** A deposit relationship is defined as having payments auto-deducted from a GRB deposit account or direct deposit of income into a GRB deposit account. See the GRB Checking Accounts page for account features and requirements.