START ELEVATING THE ORDINARY WITH A HOME EQUITY LINE OF CREDIT FROM THE SUMMIT.
No closing costs1 and no annual fee.
Limited Time Offer
Introductory rate
3.95%
for six months2
Then
8.25%
after six months for $50,000+2
Already a member? Apply through Online Access or Mobile Banking.
Special rate also available for a 5-year fixed home equity loan!3
5.95%
Already a member? Apply through Online Access or Mobile Banking.
TAP INTO YOUR HOME’S EQUITY
A home equity line of credit or loan from The Summit puts your home’s equity to work for you.
Make home improvements
Take your dream vacation
Refinance high interest loans
Consolidate debit
Pay for college or a major purchase
Cover unplanned expenses
Other Options: Request Online | Visit a Branch | Zoom | Call 800-836-SFCU
Home Equity Line of Credit 85% Loan Value Rates
|
Loan Amount
|
6 Month Intro APR
|
Index + Margin
|
Resulting APR*
|
Payment per $1,000
|
|
$15,000 or less
|
3.95%
|
Prime + .25%
|
8.75%
|
$10.50
|
|
$15,000.01 – $50,000
|
3.95%
|
Prime + 0.00%
|
8.50%
|
$10.30
|
|
Over $50,000
|
3.95%
|
Prime – 0.25%
|
8.25%
|
$10.01
|
Looking for other home equity line of credit options? Check out our Home Equity page or view our current Home Equity Rate Sheet.
In order to expedite the process, please have your:
- Most Recent W2 (2023)
- 30 Days Paystubs
- Most Recent Mortgage Statement
- Homeowner’s Insurance Declaration Page
Home Equity Line of Credit Calculator
Use this calculator to determine the HELOC amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Ready to put your home’s equity to work?
Still need help determining the equity in your home?
Other Options: Request Online | Visit a Branch | Zoom | Call 800-836-SFCU
We’d Love to Help You Get Started
THE SUMMIT IS AN EQUAL HOUSING LENDER. Membership eligibility required. Subject to change without notice. All loans are subject to credit approval. Must be 18 years of age or older to apply. The Summit’s loan programs, rates, terms, and conditions are subject to change without notice. View our current Home Equity Rate Sheet for a full list of rates.
The mortgaged property must be a 1-4 family dwelling located in New York State and occupied by an owner who is a member of The Summit.
- Closing costs (when applicable) include a title search, mortgage tax, filing fees, flood certification fee, and title insurance and are estimated to range from $495 to $1,500 (usually 3.0% to 5.0% of the amount borrowed). 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. See branch for details.
- As of 4/1/24, the as low as APR was 8.25% available for line limits over $50,000, 8.50% for line limits between $15,000 and $50,000, and 8.75% for line limits of $15,000 or less. The introductory APR during the first 6 months after the open date is not based on the index and margin used to make later adjustments. After the introductory rate expires, account subject to a variable rate based on the highest Prime Rate as published in the Wall Street Journal’s Money Rates Section. As of 4/1/24, fully-indexed APR was 8.25%, based on a Prime Rate of 8.50% minus 0.25% on line limits over $50,000. Thereafter, variable rate subject to change based on the highest Prime Rate and a margin of minus 0.25% to plus 0.25% depending on line limit. Maximum 18% APR.
- Rate shown in effect 4/1/24 through 6/30/24. Home Equity Fixed Loan (HELOAN) is a Fixed Personal Loan with a term of 5 years at 5.95% Annual Percentage Rate (APR) when the member pays closing costs. For example: a HELOAN of $10,000 for 5 years at 5.95% APR will have a monthly payment of $193.10. Closing costs (when applicable) include a title search, mortgage tax, filing fees, flood certification fee, and title insurance and are estimated to range from $495 to $1,500 (usually 3.0% to 5.0% of the amount borrowed). Property insurance required. If you opt not to pay the closing costs associated with your HELOAN, you must reimburse us for all costs we paid to third parties to open your HELOAN unless you keep account open for at least 3 years from the HELOAN open date. See branch for details.
*APR = Annual Percentage Rate is applicable only to home equity loans meeting certain requirements. The APR may not exceed 18.00%.