the SUMMIT FEDERAL CREDIT UNION


Home Equity Loans/Lines

Take advantage of a Summit Home Equity Line of Credit (1) with rates as low as 4.25% APR (2)

Your Home, Your Equity - Put it to Work for You!

Put your home's equity to work for you with a Home Equity Line of Credit (HELOC) or Home Equity Loan. Both options give you ultimate financial power with low rates, no closing costs1 options, and potential tax savings2.
 

Home Equity Line of Credit (HELOC)
 

  • Gives you cash reserves you can use for a variety of needs, now and in the future.
  • Revolving line of credit - As you repay your line of credit, you can access the funds again and again, up to your available credit limit, so there's no need to re-apply for additional credit.
  • Instant access to your line of credit.
  • Save hundreds of dollars with no closing costs1 and some of today's lowest interest home equity rates.
  • Flexible options like the 95% Loan-to-Value Option - you can borrow up to 95% of the equity in your home at competitive rates and terms making it easier to qualify and potentially saving you thousands of dollars.3
  • Easy repayment options.
  • Substantial tax savings - The interest you pay on a Summit Home Equity Line of Credit is fully tax-deductible for most taxpayers.2

How Can I Access my Home Equity Line of Credit?

  • Write a direct access check up to your available credit limit.
  • Transfer funds from your line of credit to any of your deposit accounts via Summit Online Access.
  • Make a withdrawal at one of our local branches.
  • Transfer funds from your line of credit to any of your Summit deposit accounts via Quik Tran, our 24-hour Teller-by-Phone service.
  • Call our Member Service Center at (585) 453-7030 or (800) 836-SFCU extension 7030.

Home Equity Loan

  • Perfect for a one-time need.
  • Borrow up to 85% of the equity in your home - and in some cases, up to 95%!3
  • Choose whether you want to pay closing costs1 - or not - and get the home equity rate that best suits your needs.
  • Select repayment terms of 5 or 10 years with easy repayment options.
  • Substantial tax savings - The interest you pay on a Summit Home Equity Loan is fully tax-deductible for most taxpayers.2

Apply today!

Apply online for a Summit Home Equity Line of Credit or Loan now, visit a local Summit branch, or contact us at (585) 453-7030 or (800) 836-SFCU extension 7030.

 

Subject to application and credit approval. Must be 18 years of age or older to apply.

1. Loans subject to credit approval and certain limitations may apply. Closing costs (when applicable) include a title search, abstract redate, mortgage tax, filing fees, flood certificate fee, Credit Union appraisal fee, and title insurance, and are estimated to range from $495 to $1,500. Property insurance required. If you opt not to pay the closing costs associated with your home equity line of credit (HELOC), you must reimburse us for all costs we paid to third parties to open your HELOC unless you keep account open for at least 3 years from the HELOC open date. 2. APR as low as 4.25% available for line limits greater than $50,000. For line limits between $15,000 and $50,000, the APR as of 10/16/2017 was 4.55% and for line limits of $15,000 or less was 4.70%. Account subject to a variable rate based on the highest Prime Rate as published in the Wall Street Journal’s Money Rates Section in effect on the last Tuesday of the calendar month immediately preceding each change date plus a margin of 0% to .45% APR depending on the line limit. As of 10/16/2017, the a Prime Rate was 4.25%. Maximum 18% APR. See branch for details. 

1. Closing costs (when applicable) include a title search, abstract redate, mortgage tax, filing fees, flood certificate fee, Credit Union appraisal fee, and title insurance, and are estimated to range from $495 to $1,500. If you opt not to pay the closing costs associated with your line of credit or loan, we will require you to reimburse us for all costs we paid to third parties to open your line of credit or loan unless you keep your account open for at least three years from the date of your home equity line of credit or loan closing. You may receive a specific itemization of these fees upon request. Property insurance is required.
2. The Summit is not a tax or real estate advisor. Consult your tax advisor regarding the deductibility of interest.
3. Some restrictions apply.

 

 

NCUA

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, a U.S. Government Agency

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You must be a member of The Summit FCU to take advantage of its products and services
Serving Central & Western New York
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Summit Online Access Enrollment

Enrolling in Online Access is easy - here's how:

If you don't have an Online Access PIN or need assistance, please call (585) 453-7030 or (800) 836-7328.

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