If you’d like an ongoing source of available cash, take a look at SEFCU’s home equity line of credit. It's flexible enough to meet nearly any need:
- Borrow up to 80% or 85% of the equity in your home (the appraised value multiplied by 80% or 85%, less the remaining balance on your first mortgage).
- Access your credit line via account transfer, write a home equity check, or simply use the Home Equity Access Card.
- Draw on your line anytime within 10 years of origination.
- Take up to 25 years to repay.
- Make your payments biweekly or monthly.
Whatever your choices, you can draw on your home’s equity at a competitive variable rate. (Interest and payments adjust annually, with a 2% annual cap and a 14.9% APR* lifetime cap.) We even waive all your closing costs**, except NYS mortgage tax and title insurance when required.***
HELOC Access Card
Enjoy the convenience of using your Home Equity Line of Credit to make purchases anywhere Visa® is accepted.
*Annual Percentage Rate. Rates for a Home Equity Line of Credit begin at 3.5% APR for the first year and Prime plus 0% thereafter. This rate applies to loans up to an 80% Loan to Value(LTV) ratio with a 25 year term. APR is variable based on the Prime Rate published in the Wall Street Journal. Prime Rate as of December 17, 2008 is 3.25%. Interest and payments adjust annually with a 2% annual cap and a 14.9% lifetime cap. Annual rate floor is 4.0%. Other rates available are dependent upon LTV percentage. All loans are subject to creditworthiness. Rates are as of December 18, 2008 and are subject to change at any time.
**Closing costs are paid by SEFCU. However, in the event that the borrower(s) pays off or refinances the loan within three years of the date of the agreement, the closing costs will be charged back and added to the pay-off amount. Closing costs are estimated at $50-500.
***There are no closing costs with the exception of the New York State Mortgage Tax (rate varies by county). Title insurance is required and paid by the borrower(s) on loan amounts and lines over $100,000.00 with a loan to value exceeding 80%. For loans and lines with a loan to value of 80% or less, title insurance is required if the loan amount or line exceeds $200,000.00. It is also required on applications for properties owned by trusts (subject to trust acceptability), and for lines/loans for the purpose of transferring title regardless of line/loan amount or loan to value. Applicant pays the recording fees for fixed rate modifications.