Home Loans and Lines of Credit


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Deciding on how to take advantage of your home’s equity can be overwhelming, but with the right information you can get the cash you need - when you need it!

SEFCU offers home equity loans and lines of credit (both fixed- and variable-rate) to help pay for home improvements, college tuition, or whatever you need. We provided some resources below to help you better understand the entire process so that you can make a decision on what options are best for your situation.



Home Equity Loan


Fixed-Rate
Home Equity Line of Credit


Variable-Rate
Home Equity Line of Credit

Home Equity Loan Fixed-Rate Home Equity Line of Credit Variable-Rate Home Equity Line of Credit


Ideal for: members who need immediate access to cash for a specific amount for expenses like debt consolidation, college tuition, or a vacation

Ideal for: members who need access to funds for a longer period of time and prefer a fixed rate for expenses like ongoing home improvements or emergencies
Ideal for: members who need access to funds for a longer period of time and want to take advantage of a low variable rate.
     

• Enjoy a fixed rate for the life of the loan


•Get cash in a lump sum


• Borrow from $5,000 to $350,000


• 5, 10, and 15-year terms available


Read more about Home Equity Loans


• Enjoy a fixed rate for 15 years


• Draw on the line of credit as needed for five years


• Pay only interest during the first five years


• Borrow from $5,000 to $350,000

• Access your credit line by transferring funds, using your SEFCU Home Equity Mastercard®, or writing a home equity check


Read more about Fixed-Rate HELOC


• Take advantage of a low, variable rate


• Draw on the line of credit as needed for 10 years


• Take up to 25 years to repay 


• Borrow from $5,000 to $350,000

• Access your credit line by transferring funds, using your SEFCU Home Equity Mastercard®, or writing a home equity check


Read more about Variable-Rate HELOC


     
Apply for a Home Equity Loan Apply for a Fixed-Rate HELOC Apply for a Variable-Rate HELOC
Compare Rates

Commonly used terms:

Annual Percentage Rate (APR) – The cost of credit, expressed as a yearly rate. For closed-end credit, such as auto loans or mortgages, the APR includes the interest rate, points, broker fees, and other credit charges the borrower is required to pay.


Application fee – Fees charged when you apply for a loan or other credit. These fees may include charges for property appraisal and a credit report (SEFCU does not charge an application fee for Home Equity loans).


Closing costs* – Fees paid when you close on a loan that may include application fees, title examination, abstract of title, title insurance, recording fees, estimated costs of taxes and insurance, and credit report fees.


Credit limit  – The maximum amount that may be borrowed on a credit card or under a home equity line of credit.


Equity – The difference between the fair market value of the home and the outstanding balance on your mortgage plus any outstanding home equity loans.


Interest rate – The percentage rate used to determine the cost of borrowing money, stated usually as a percentage of the principal loan amount and as an annual rate.

Minimum payment – The lowest amount that you must pay (usually monthly) to keep your account in good standing. Sometimes the minimum payment may cover interest only, other times it may include principal and interest.

Variable rate – An interest rate that changes periodically in relation to an index, such as the prime rate. Payments may increase or decrease accordingly.


Additional resources:

The Federal Reserve Board: What you should know about Home Equity Lines of Credit.
Download a copy of SEFCU's forms and information packet here.


  Ready to apply? Here’s what you’ll need to get started!

  • Completed loan application
  • Copy of your most recent and legible deed
  • Copy of your most recent tax receipts for school and property taxes, or year-end mortgage statement, if taxes are escrowed
  • Verification of income



*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 $200,000. It is also required on applications for properties owned by trusts (subject to trust acceptability), and for lines/loans for the purpose of title buyout transactions regardless of line/loan amount or loan to value. Applicant pays the recording fees for fixed rate modifications.