Fixed-Rate Home Equity Line of Credit

* The appraised value multiplied by 80%, less the remaining balance on any existing mortgage.

** Annual Percentage Rate. 3.65% fixed APR for credit qualified loans closing in first lien position. This rate applies to loans up to a 50% Combined Loan-to-Value (CLTV) ratio with a 15-year repayment term. Other rates are available up to 80% CLTV and loans closing in first or second lien position. The maximum CLTV is 75% for loans greater than $100,000 up to $350,000. A 5-year draw period is included in the 15-year repayment term. During the 5-year draw period, payments are interest only. The interest is calculated daily based on the balance owed and the rate for each day of the month and is then aggregated to determine the amount of the monthly payment. After this period, payments will convert to principal and interest calculated at the remaining 10-year term. Loan payment example: a $50,000 loan at 3.65% for 15 years, interest only payment would be approximately $155.00 and will vary slightly depending on the number of days in the month. The principal and interest payment would be $497.96 calculated over the remaining term of 10 years. SEFCU offers a rate reduction of 0.25% based on the published rate for Active US Military and Veterans. Learn more about Paying It Back.  All loans are subject to credit worthiness. Rates in effect as of 12/16/2019 and are subject to change at any time. Product is available for members whose owner occupied primary residence is located in New York State or Pennsylvania counties of Susquehanna, Bradford or Wyoming. Published rates are for new SEFCU loans. The minimum loan amount is $5,000 and the maximum loan amount is $350,000. 

*** New York State Mortgage Tax is required and paid by the borrower. Title insurance may be required. The remaining closing costs paid by SEFCU on behalf of the borrower will be charged back and added to the payoff amount of the loan if the home equity is paid and closed within three years of loan closing. The most common amounts for closing costs are estimated between $200 - $600, but depending on location and other factors, it could be higher or lower.