HELOC – Home Equity Line of Credit

 home equity lines of credit

Get a Home Equity Line of Credit

Put your home’s equity to work for you with a Home Equity Line of Credit (HELOC) from The Summit. A Home Equity Line of Credit gives instant access to a line of credit and cash reserves that you can use for a variety of needs, now and in the future. Take advantage of this ultimate financial power with low rates, no closing costs options,1 and potential tax savings2.

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The Benefits of a HELOC from The Summit

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 is no need to reapply for additional credit.

Potential Tax Savings

The interest you pay on a Summit HELOC may be tax-deductible2.

Flexible Borrowing Options

95% Loan-to-Value Option: Borrow up to 95% of the equity in your home at competitive rates and terms, making it easier to qualify and save money.

How do I access my HELOC?

  • 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 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) 453-7000 or (800) 836-7328.

Home Equity Line of Credit Rates

Home Equity Line of Credit 85% Loan Value Rates

Rates Effective November 16, 2022 through November 30, 2022

Loan Amount
Index + Margin
Resulting APR*
Payment per $1,000
$15,000 or less
Prime + .50%
7.50%
$9.50
$15,000.01 – $50,000
Prime + 0.25%
7.25%
$9.30
over $50,000
Prime – 0.25%
6.75%
$8.80

Home Equity Line of Credit 95% Loan Value Rates

Rates effective November16 through November 30, 2022

Loan Amount
Index + Margin
Resulting APR*
Payment per $1000
$0 – $35,000
Prime + 1.00%
8.00%
$9.90

Get Started Today!

Apply online, schedule a Virtual Branch Appointment, visit a branch or contact us at (585) 453-7000 or (800) 836-7328.

View our current Home Equity Rate Sheet for a full list of rates.

Here is a list of items to provide at time of application to expedite the process:

  • Most Recent W2 (2021)
  • 30 Days Paystubs
  • Most Recent Mortgage Statement
  • Homeowner’s Insurance Declaration Page

Contact us for more information


    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.

    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 (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.
    2. The Summit is not a tax or real estate advisor. Consult your tax advisor regarding the deductibility of interest.
    3. 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%.

    Not responsible for typographic errors.

    THE SUMMIT IS AN EQUAL HOUSING LENDER. Membership eligibility required. Limited time offer. Subject to change without notice.

    1. APR as low as 6.75% available for line limits greater than $50,000. For line limits between $15,000 and $50,000, the APR as of 11/16/2022 was 7.25% and for line limits of $15,000 or less was 7.50%. 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 11/16/2022, on a minimum of $50,000.01 HELOC, the fully-indexed APR was 6.75%, based on a Prime Rate of 7.00% minus 0.250%. Thereafter, variable rate subject to change based on the highest Prime Rate and a margin of minus 0.250% to plus 0.50% depending on the line limit. Maximum 18% APR.

    2. Loans subject to credit approval and certain limitations may apply. 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.