Variable-Rate Home Equity Line of Credit

*The appraised value multiplied by 80%, less the remaining balance on any existing mortgage for loans $350,000 and below. The appraised value multiplied by 75% for loans closing in first lien position and the appraised value multiplied by 65% less the remaining balance on any existing mortgage for loans closing in second lien position determines the maximum Combined Loan-to-Value (CLTV)  for loans greater than $350,000 up to $500,000.

** Annual Percentage Rate. Rates for a Home Equity Variable Rate Line of Credit are as low as 1.75% APR for the first 18 months and Prime minus 0.50% thereafter. The rate using the current index minus the margin would be 2.75%. The floor is 2.75%, which is the lowest rate allowed. This rate applies to loans up to a 50% CLTV ratio with a 25-year repayment term. Other rates are available up to 80% Combined Loan-to-Value (CLTV) and loans closing in first or 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. APR is variable based on the Prime rate published in the Wall Street Journal. Prime rate as of 3/16/20 is 3.25%. 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. SEFCU offers a rate reduction of 0.25% based on the published rate, margin, floor and lifetime cap for Active US Military and Veterans. Learn more about Paying it Back

*** All loans are subject to creditworthiness. 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 and $600 but depending on location and other factors it could be higher or lower. Rates in effect as of June 24, 2021 and are subject to change at any time. 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 fixed rate home equity line of credit, the minimum loan amount is $5,000 and the maximum loan amount is $350,000. For the variable rate line of credit, the minimum loan amount is $5,000 and the maximum loan amount is $500,000.