View our current Home Equity Rate Sheet for a full list of rates.
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.
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. All loans are subject to credit approval. Additional restrictions may apply.
* APR – Annual Percentage Rate is applicable only to home equity loans meeting certain requirements.
- 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 (usually 3.0% to 5.0% of the amount borrowed). Property insurance is required. 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 incurred 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. You may receive a specific itemization of these fees upon request.
- The Summit is not a tax or real estate advisor. Consult your tax advisor regarding the deductibility of interest.
- The automatic payment rate is only available when you authorize The Summit to automatically deduct payments from your Automatic Loan Payment Share account. To receive the automatic payment rate, the payment transfer must be from your Checking Account or Automatic Loan Payment Share account.
For variable rate products – Your account will be subject to a variable rate which will be based on the highest Prime Rate as published in the Money Rates Section of the Wall Street Journal in effect on the last Tuesday of the calendar month immediately preceding each change date, plus a margin. The APR may not exceed 18.00%.
**APR as low as 3.00% available for line limits greater than $50,000. For line limits between $15,000 and $50,000, the APR as of 3/1/2021 was 3.50% and for line limits of $15,000 or less was 4.00%. The introductory APR used 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 in effect on the day that any introductory period expires and subsequently on the last Tuesday of the calendar month immediately preceding each change date plus a margin. As of 3/1/2021, on a minimum of $50,000.01 HELOC, the fully-indexed APR was 3.00%, based on a Prime Rate of 3.25% minus 0.25%. Thereafter, variable rate subject to change based on the highest Prime Rate and a margin of minus 0.250% to plus 0.750% depending on the line limit. Maximum 18% APR. Ask for details.
Not responsible for typographic errors.