Home Equity Lines of Credit

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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.

Apply Today Schedule a Virtual Branch Appointment

Benefits of a Summit Home Equity Line of Credit

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 85% Loan Value Rates

Rates effective December 1 through December 15, 2021

Loan Amount
Index + Margin
6 Month Intro APR
Resulting APR*
Payment per $1000
$15,000 or less
Prime + .25%
1.85%
3.50%
$6.40
$15,000.01 – $50,000
Prime + 0.00%
1.85%
3.25%
$6.20
over $50,000
Prime – 0.50%
1.85%
2.75%
$6.20

Home Equity Line of Credit 95% Loan Value Rates

Rates effective December 1 through December 15, 2021

Loan Amount
Index + Margin
Resulting APR*
Payment per $1000
$0 – $35,000
Prime + 0.75%
4.00%
$6.60

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 (2020)
  • 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.