Variable-Rate Home Equity Line of Credit

Products, services, terms, and conditions are subject to change without notice. All loans are subject to creditworthiness. SEFCU membership is required.

*The appraised value multiplied by 90%, less the remaining balance on any existing mortgage for loans $350,000 and below. Other rates are available up to 90% CLTV and loans closing in first or second lien position. Other rates are available up to 100% CLTV for loans closing in second lien position with a maximum loan amount of $125,000. For loan amounts greater than $350,000 up to $500,000, the maximum CLTV is 75% for loans closing in first lien position and 65% for loans closing in second lien position.

**Annual Percentage Rate. The Annual Percentage Rate (APR) listed is estimated based on first lien position and a maximum combined-loan-to-value (CLTV) of 50%, and 25-year repayment.  Rates for a Home Equity Variable Rate Line of Credit are as low as 4.00% APR for the first 12 months and Prime minus 0.50% thereafter. The rate using the current index minus the margin would be 5.75%. The floor is 3.00%, which is the lowest rate allowed. Your actual APR and floor may be higher based on multiple factors along with your credit rating in relation to your loan request.  Other rates are available up to 90% CLTV and loans closing in first or second lien position. Other rates are available up to 100% CLTV for loans closing in second lien position. For loan amounts greater than $350,000 up to $500,000, the maximum CLTV is 75% for loans closing in first lien position and 65% for loans closing in second lien position. For qualified vacation homes, the maximum CLTV is either 50% or 80% depending on your credit rating in relation to your loan request. APR is variable based on the Prime rate published in the Wall Street Journal. Prime rate as of 11/16/22 is 7.00%. Interest and payments adjust annually with a 2% annual cap and a 14.9% lifetime cap. A 10-year draw period is included in the 25-year repayment term. Rates in effect as of November 28, 2022 and are subject to change at any time.

***All loans are subject to creditworthiness. Title insurance may be required and is paid by the borrower. Closing costs paid by SEFCU, on behalf of the borrower, will be paid on loan amounts up to and including $250,000 and will be 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 $300 and $4,000 but depending on location and other factors it could be higher or lower. For loan amounts greater than $250,000 all closing costs will be paid by the borrowers at the time of closing. Product is available for members whose owner-occupied primary residence located in New York State or Pennsylvania counties of Susquehanna, Bradford or Wyoming. Published rates are for new SEFCU loans. For the Variable-Rate Home Equity Line of Credit, the minimum loan amount is $10,000 and the maximum loan amount is $500,000. The maximum loan amount for qualified vacation homes is $350,000.