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Home Equity Lines of Credit & Loans

Your home’s equity is a great resource for renovations, education expenses, a daughter’s wedding, a new business—the possibilities are endless. While we recognize borrowing needs and ability to repay obligations are different for everyone, we encourage you to borrow and spend responsibly whatever obligations you may have.

 

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    Tax advantaged for most. Interest may be tax deductible. Check with your tax advisor for eligibility.
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    No closing costs1 saves you hundreds of dollars.
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    Flexible terms and competitive rates make home equity financing an affordable alternative for larger projects.
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    Arrange to have your payment automatically deducted from your savings, checking, or tiered money market account and we’ll lower your interest rate by .25%.2

Get Started

Apply online
 

What to Expect When Applying

Home Equity Loan vs. HELOC

A home equity loan is a fixed rate loan with a fixed payment amount based on a specific loan amount and term selected. A home equity line of credit is a variable rate loan that has interest only payments during the draw period and that amortizes over 15 years during the repayment period. Your payment can potentially change if your interest rate changes. A home equity line of credit is an open-end loan, and in the case of our HELOC, you can take advances as needed during the first five years the line is open.




Home Equity Financing Features

  • No closing costs.1
  • Borrow up to 100% of your home, planned unit development, townhouse, or condo’s appraised value, less your first mortgage.3
  • Financing up to $250,000.3
  • Available on properties in New York and Connecticut.
  • Receive account activity notifications via email or a mobile device through CUAlerts, available free through Internet Banking
 

 

  • Fixed rate loan.
  • Borrow up to 100% of your home, townhouse, or condo’s appraised value, less your first mortgage.3
  • Financing up to $250,000.3
  • Take up to 20 years to repay.4
 

 

  • Offers a 5-year variable rate draw period with a 15-year repayment period. Lock-ins are available for 1 to 15-year terms.
  • Fixed and variable rate balances. Any balances you choose to lock-in are locked at a fixed rate. Unlocked balances have a variable rate, even during your repayment period.6
  • Lock-in balances up to three times during the 5-year variable rate draw period. A $35 fee is assessed for each lock.
  • Borrow up to 100% of your home, townhouse, or condo’s appraised value, less your first mortgage, up to $250,000.3
  • May be used as an overdraft protection source for your checking account during variable-rate draw period.7 If you would like to set up overdraft protection, please complete our Home Equity Line of Credit Overdraft Coverage Agreement.
  • Access your funds at an HVFCU ATM or branch, via mail request or convenience checks, through Internet Banking or  MAGIC, or by calling us at 845.463.3011.
  • No Closing Costs1
 

 

  • Fixed rate loan.
  • Maximum loan amount of $30,000.
  • Borrow up to 100% of the invoice for the solar panels not to exceed 125% of appraised value of the property including any existing first and second lien balance.3
  • Offered on owner-occupied, 1-4 family residences only.
  • Take up to 15 years to repay.8
 

 

  • Only primary residences qualify for home equity financing.
  • A second lien must be filed with the county clerk’s office because your home is used as collateral for the loan or line of credit.
  • Your home must be appraised in order to obtain home equity financing. HVFCU will pay for your home appraisal.
  • A closing is required with your loan or line of credit.
  • Closing costs are paid by HVFCU provided your loan is under $150,000 and the loan remains open over three years. HVFCU will pay for your property appraisal, credit report, flood certification, attorney fee, mortgage tax, recording fee, and title search, however, as the borrower you are responsible for both homeowners and flood insurance.
  • You are responsible for title insurance fees for home equity loans and lines of credit over $150,000.
 

Home Equity Loan Rates

HELOC
Variable APR
Introductory 1.99% for first six billing cycles; 5
Home Equity Loan Fixed APR
4.75%

View all APRs and disclosures

Useful Resources

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Credit Report Review

1Closing costs associated with this product are waived, provided loan is maintained for a minimum of three years. HVFCU will pay for property appraisal, credit report, flood certification, attorney fee, mortgage tax, recording fee, and title search. Borrower is responsible for both homeowners and flood insurance. Borrower is responsible for title insurance fees for home equity loans and lines of credit over $150,000. View full APR and disclosure information.
2 The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate. Excludes Personal Assistance Loans.
3 Eligibility and total amount financed for home equity loans and interest only home equity lines of credit are based on an evaluation of applicant credit, appraised value, and existing liens (LTV). Maximum loan amount for TLTV 90.01% - 100% is $100,000.
4 As an example, a $100,000, 180-month term with 80% LTV at a fixed rate of 6.50% APR would result in an estimated payment of $871.11. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.
5 The introductory rate will be in effect the first 6 billing cycles after your account is opened, whether or not funds have been advanced from your account during that time. Thereafter, the rate, including the rate on any existing balance, will convert to the applicable Variable Rate. Rate is as low as stated. Rate is based on an evaluation of applicant credit and total amount financed. Total amount financed is based on evaluation of applicant credit, appraised value, and existing liens (LTV). Maximum loan amount for TLTV 90.01% - 100% is $100,000. Your rate and total amount financed may vary from the stated rate and maximum financing. The stated rate is discounted by .25% and includes a requirement that the loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate. Maximum rate is 18%. Rate information is accurate as of 4/1/2019 and is subject to change. This offer is not guaranteed if your account is not in good standing and if you do not meet our credit criteria, including providing acceptable property for collateral. Offer may be withdrawn at any time.
6 The variable rate is subject to increase. Maximum annual percentage rate is 18%.
7 Signed overdraft coverage agreement required.
8 As an example, a $30,000 180-month solar panel loan with a fixed rate of 6.50% APR would result in an estimated payment of $261.34. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.

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