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Variable-Rate Home Equity Line of Credit

Overview

Easy meets Flexibility

If you need an ongoing source of available cash, check out a variable-rate SEFCU Home Equity Line of Credit (HELOC). It's flexible enough to meet nearly every need.

Home with Money coming out

Take up to 25 years to repay

Features & Benefits

Competitive rates

  • Borrow up to 80%* of the equity in your home for lines of credit $250,000 and under.
  • Access your credit line by transferring funds, using your SEFCU Home Equity Mastercard®, or writing a home equity check
  • Draw on your line anytime within 10 years of origination
  • Take up to 25 years to repay
  • Make your payments bi-weekly or monthly
coins and dollar sign

 


Rates

Variable-Rate Home Equity Line of Credit***

Term Introductory APR** (as low as) Standard APR** (as low as)
25 Years 1.75% for first 18 months Prime -0.50% after first 18 months- As of 03/16/20, that equates to 2.75%

Compare

See which is best for you

Variable-Rate Home Equity Line of Credit

  • Take advantage of a low, variable rate
  • Draw on the line of credit as needed for 10 years
  • Take up to 25 years to repay 
  • Borrow from $5,000 to $500,000.*
  • Access your credit line by transferring funds, using your SEFCU Home Equity Mastercard®, or writing a home equity check

 

Fixed-Rate Home Equity Line of Credit

  • Enjoy a fixed rate for 15 years
  • Draw on the line of credit as needed for five years
  • Pay only interest during the first five years
  • Borrow from $5,000 to $350,000
  • Access your credit line by transferring funds, using your SEFCU Home Equity Mastercard®, or writing a home equity check

    Learn More


    Apply Now

    Apply for a SEFCU Variable-Rate Home Equity Line of Credit today

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    Financial Education

    Calculator

    Variable-Rate Home Equity Line of Credit

    Access cash over time

    Take advantage of a low, variable rate

    Draw on the line of credit as needed for 10 years

     

    View HELOCs

     

    *The appraised value multiplied by 80%, less the remaining balance on any existing mortgage for loans $250,000 and below. The appraised value multiplied by 75%, less the remaining balance on any existing mortgage for loans over $250,000 up to $350,000. 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 Variable-Rate Home Equity 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. The maximum CLTV is 75% for loans greater than $250,000 up to $350,000. 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. 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 .  Rates in effect as March 6, 2021 and are subject to change at any time. Published rates are for new SEFCU loans.
    *** 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. Product is available for members whose owner-occupied primary residence located in New York State or Pennsylvania counties of Susquehanna, Bradford or Wyoming. For the Variable-Rate Home Equity Line of Credit, the minimum loan amount is $5,000 and the maximum loan amount is $500,000.