Home Equity Loans & Lines of Credit

Home_equity

Get the cash you need from the equity you’ve built in your home.

Home equity financing can help pay for home renovations, education expenses, a daughter’s wedding, or a new business. While we recognize every member’s borrowing needs and ability to repay their obligations are different, we also encourage all members to borrow and spend responsibly whatever obligations they may have.

Featured Rates

HELOC 3.00%
TLTV up to 80%
variable APR as low as
Home Equity Loan 4.75%
To 84 Months
TLTV Up to 80%
fixed APR as low as

Home Equity Financing Features

  • No closing costs.12
  • Competitive rates.
  • Borrow up to 100% of your home, townhouse, or condo’s appraised value, less your first mortgage, up to $250,000.3
  • Available on properties in New York and Connecticut.
  • Possible tax advantages depending on use. Deduct up to 100% of interest paid from your taxes. Consult with your tax advisor to determine your eligibility.
  • Receive account activity notifications via email or a mobile device through CUAlerts, available free through Internet Banking.
  • Rate Discount with AutoPay. Arrange to have your loan payment automatically deducted from your savings, checking, or money market account and HVFCU will lower the interest rate on your loan by .25%!4 In addition to saving money, you’ll never have to worry about being late with a payment, and it will help keep your credit history strong.

Home Equity Financing Options

Fixed Rate Home Equity Loan

  • Fixed rate.
  • Borrow up to 100% of your home, townhouse, or condo’s appraised value, less your first mortgage, up to $250,000.3
  • Take up to 20 years to repay.5

Interest Only Home Equity Line of Credit

  • Variable rate.2
  • Borrow up to 100% of your home, townhouse, or condo’s appraised value, less your first mortgage, up to $250,000.3
  • Take five years to draw on your line. During the 5-year variable rate draw period, your funds continue to become available as your balance is paid down. Interest-only payments are required during the draw period, but optional principal payments can be made at any time.12
  • After the initial five-year draw period, you’ll enter into a variable rate repayment period up to 15 years. Principal and interest payments are due during the variable rate repayment period.12
  • Pay nothing unless you use your line.
  • May be used as an overdraft source for checking during variable-rate draw period.6

Overdraft Protection Using Your Line of Credit

Your interest only home equity line of credit (application required), along with your savings account, can be used as an overdraft source to cover shortages in your checking account. If you would like to set up overdraft protection from your interest only home equity line of credit, please complete and return our Home Equity Line of Credit Overdraft Coverage Agreement.

1 Closing costs associated with this product are waived, provided loan is under $150,000 and 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 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). The maximum loan amount for 100% LTV is $100,000 and the maximum loan amount for 90% LTV is $250,000.

4 The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate.

5 As an example, a 180-month term and an 80% total loan-to-value for a home equity loan with a fixed rate of 5.25% APR would result in an estimated payment of $8.04 for each $1,000 financed.

6 Signed overdraft coverage agreement required.


© 2014 Hudson Valley Federal Credit Union

159 Barnegat Rd. Poughkeepsie, NY 12601
ph: 845.463.3011 / 800.468.3011

Routing Number : 221979363