The Summit Federal Credit Union

What exactly is Home Equity?
The difference between the current market value of your home and the amount that you still owe is known as home equity. You can use the equity in your home as collateral for the purpose of a loan. With this cash on hand, you can put your home improvement plans, debt consolidation needs, or dream vacation wishes into motion!
There are two ways to put your home's equity to work for you: a Home Equity Line of Credit (HELOC) or a Home Equity Loan. Both options give you ultimate financial power with low rates, no closing costs¹ options, and potential tax savings². Choose a Summit Home Equity Line of Credit or Loan for an affordable way to finance whatever you want, whenever you need it!
What's the difference between the Home Equity Line of Credit and the Home Equity Loan?

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Home Equity Line of Credit/HELOC

• Gives you cash reserve 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 whenever you need to, 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 rates.
• Flexible options:
  • Discounted Introductory Rate Option - if you qualify, you can receive an introductory rate that's below prime.³
  • 100% Loan-to-Value Option - you can borrow up to 100% of the equity in your home at competitive rates and terms. This Summit benefit makes it easier to qualify and puts thousands of extra dollars at your disposal.⁴
• Easy repayment options
• Substantial Tax Savings - Unlike most consumer loans, the interest you pay on a Summit Home Equity Line of Credit or Loan is fully tax-deductible for most taxpayers.²

Home Equity Loan

• Perfect for a one-time need for a specific amount
• Enjoy fixed monthly payments that won't increase
• Borrow up to 90% of the equity in your home… and in some cases, up to 100%!
• Choose whether you want to pay closing costs¹ to get the rate that best suits your needs.
• Convenient repayment terms of 5, 10, or 15 years are available to help your monthly payment fit your budget.
• Easy repayment options
• Substantial Tax Savings - Unlike most consumer loans, the interest you pay on a Summit Home Equity Line of Credit or Loan 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 Summit deposit accounts via Summit Online Access. Then you can access these funds by writing a check or using your Summit ATM card or VISA® Check Card at your nearest ATM.³
• Make a withdrawal at one of our nine convenient branches in Western New York.
• Transfer funds from your line of credit to any of your Summit deposit accounts via Quik Tran, our 24-hour Teller-by-Phone service. Then you can access these funds by writing a check or using your Summit ATM card or VISA® Check Card at your nearest ATM.³
• Call our Member Service Center at (585) 453-7030 or (800) 836-SFCU ext. 7030.

Extra Conveniences to Enhance Your Summit Loan

• Summit Online Access: It's easy to make your loan payments right from your computer with Summit Online Access. Click here to learn more about this convenient online service or go to Summit Online Access (login prompt) to get started right away.
• Quik Tran, 24-hour Teller-by-Phone Service: Quik Tran provides 24-hour account access right over the phone.
• Automatic Payment: Automatically deducts your loan payments from your account and gives you additional savings with our automatic payment rate discount.

1. Closing costs include a title search, mortgage tax, filing fees, abstract redate, flood certification fee, credit union attorney 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 two years from the date of your home equity line of credit or loan closing.
2. The Summit is not a tax or real estate advisor. Consult your tax advisor regarding the deductibility of interest.
3. The Discounted Introductory Rate Option will be discounted during the first six months after the date you open the account and is not based on index and margin used to make later rate adjustments. After the introductory period, the variable rate is subject to change and may not exceed an Annual Percentage Rate of 15.75% APR.
4. The 100% Loan-to-Value Option is not available on fixed rate home equity products. Certain restrictions apply.

The Summit FCU is an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. All mortgage programs at The Summit Federal Credit Union require credit and property approval. Property insurance is required. The mortgaged property must be an owner-occupied 1-4 family dwelling located in New York State, and occupied by an owner who is a member of the Credit Union. Our main office is located at 100 Marina Drive, Rochester, New York, 14626