You are leaving Granite Credit Union's web site to go to a site not operated by the credit union. Granite Credit Union is not responsible for the content of that web site. Granite Credit Union does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies may differ from those practiced by Granite Credit Union.
If you own a house in Riverton, you have likely built up valuable equity over time. We are here to help you tap into that financial resource with tailored lending solutions. Whether you want to upgrade your living space or take control of your debt, our localized approach ensures you get the support you need to achieve your goals.
A Home Equity Line of Credit functions like a revolving credit account, using your property as collateral. Instead of receiving a lump sum, you are granted a borrowing limit based on the available equity in your house. You can draw from this limit as needed, pay it back, and draw from it again during the active borrowing phase. This flexibility makes it an excellent tool for ongoing projects or unexpected expenses.
While both options use your house as collateral, they operate differently. A standard Home Equity Loan provides an upfront payment with fixed monthly installments. In contrast, a revolving line of credit gives you the freedom to borrow only what you need, exactly when you need it, and you only pay interest on the amount you actively use.
Big banks often treat borrowers like transactions, but as a local credit union, we prioritize our members' financial well-being. We offer unique benefits and specialized loan structures designed to fit your specific budget and lifestyle.
Our traditional line of credit provides a lengthy draw period followed by a comfortable repayment term. For ultimate convenience, this product comes with a dedicated Visa credit card. This allows you to access your available funds directly at the store or online, without transferring money between accounts.
If minimizing your monthly payment is your top priority, we offer an exclusive LowPay option. By utilizing a shorter draw period combined with an extended repayment phase, we help keep your monthly obligations exceptionally low and budget-friendly.
We want to help you leverage as much of your property's value as safely as possible. We offer generous loan-to-value thresholds, giving you substantial borrowing power for major life goals. We encourage you to view our rates to see how affordable your payments could be.
Keeping your line of credit open and available should not cost you extra. We pride ourselves on transparent lending, which means we do not charge annual fees just for having an active account.
Once approved, you have complete control over how you utilize your funds. Here are a few ways our members leverage their property value.
Investing back into your property is a smart financial move. Use your available credit to remodel your kitchen, finish your basement, or upgrade your landscaping to enhance your lifestyle and potentially increase your property value.
If you are juggling multiple credit cards or personal loans, you can use your home equity to consolidate those balances. Moving your debt into a single, lower-rate payment can save you money and simplify your monthly budgeting.
Your equity can be a powerful tool for funding higher education, covering medical expenses, or even starting a small business. Additionally, if you are looking to upgrade your transportation, we can help with that, too.
Joining Granite Credit Union is simple and highly accessible for the local community. Membership is open to anyone who lives, works, worships, or attends school in Salt Lake County, as well as their immediate family members. Since Riverton falls right in our service area, you are likely already eligible to join.
Ready to put your house to work for you? Our team is dedicated to providing a smooth, localized lending experience from start to finish. You can begin the process from the comfort of your own home.
If you prefer to speak with a local expert, we are here to help. Feel free to contact our loan officers directly with your questions, or visit a local branch location for personalized assistance.
