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Home Equity & Solar Panel Financing

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.

 

  • Tax advantaged for most. Interest may be tax deductible. Check with your tax advisor for eligibility.
  • No closing costs1,2 saves you hundreds of dollars.
  • Flexible terms and competitive rates make home equity financing an affordable alternative for larger projects.
  • 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%.3

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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.1,2
  • Borrow up to 100% of your home, planned unit development, townhouse, or condo’s appraised value, less your first mortgage, up to $250,000.4
  • 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, up to $250,000.4
  • Take up to 20 years to repay.5
 

 

  • Fixed rate loan.
  • Maximum loan amount of $30,000.
  • Borrow up to 100% of solar panel invoice, not to exceed 125% of home value.4
  • Offered on owner-occupied, 1-4 family residences only.
  • Take up to 15 years to repay.6
 

 

  • 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.2
  • 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 $250,000.4
  • 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
 

 

  • 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
5.00%
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 variable rate is subject to increase. Maximum annual percentage rate is 18%.
3 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.
4 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.
5 As an example, a $100,000, 180-month term with 80% LTV at a fixed rate of 5.25%APR would result in an estimated payment of $803.88. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.
6 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 $261.33. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.
7 Signed overdraft coverage agreement required.

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