HOME EQUITY LOANS We offer Home Equity loans up to 85% of the appraised
value of the member’s residence, less the amount of the
first mortgage, up to a maximum dollar amount of $150,000. The
Home must be in New York State. The Credit Union pays all the
closing costs such as, mortgage title
insurance, NYS mortgage tax, appraiser’s fees, recording
fees and survey on both Variable and Fixed Home Equity Loans.
If the Home Equity Loan is paid off (closed) within
four years, the member must reimburse the Credit Union for the
closing costs.
Another Example
$200,000
Appraised Value of Residence
x .85
Maximum % of Value
170,000
Maximum $ if no first mortgage
- 50,000
Remaining Amount of First Mortgage
120,000
Maximum Line of Credit
VARIABLE HOME EQUITY LOAN. Variable interest
fluctuates with prime interest rate in the Wall Street Journal.
The Credit Union rate will be established at the board meeting
in August each year and become effective September 1ST each year.
A Variable Loan allows you to take draws against the Equity.
The maximum repayment time is 15 years.
FIXED HOME EQUITY LOAN.
A
Fixed Loan is set at a fixed rate for the term of the loan. When
choosing a Fixed Rate Home Equity Loan, you may only take the
amount specified at the time the loan is given. The maximum repayment
time is 10 years. Please call the Credit Union for current rates.
