Home Equity Loans

 home equity loan

Get a Home Equity Loan

The Summit’s Home Equity Loans provide you with ultimate financial power with low rates, no closing costs options,1 and potential tax savings2.

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The Benefits of a Home Equity Loan from The Summit

Flexible Borrowing Options

Borrow up to 85% of the equity in your home — and in some cases, up to 95%.

Easy Repayment Options

Select repayment terms of 5, 10 or 15 years with easy repayment options.

Potential Tax Savings

The interest you pay on a Summit Home Equity Line of Credit (HELOC) or Loan may be tax-deductible2.

Home Equity Loan Rates

Home Equity Loan 85% Loan Value Rates

Rates Effective June 16 through June 30, 2024

Term
Fixed APR* with Automatic Payment3𐠒
Payment per $1,000
Fixed APR with Billing
Payment per $1,000
60 months
5.95%
$19.23
6.20%
$19.34
120 months
7.10%
$11.61
7.35%
$11.74

Home Equity Loan 95% Loan Value Rates

Rates Effective June 16 through June 30 2024

Term
Index + Margin
Resulting APR*
Payment per $1,000
Up to 180 months
Prime + 0.60%
9.10%
$20.76

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 (2023)
  • 30 Days Paystubs
  • Most Recent Mortgage Statement
  • Homeowner’s Insurance Declaration Page

Get Started Today!

Call (585) 453-7000 or (800) 836-7328

Current Members: Apply for a Home Equity through Online Access and Mobile Banking.

Contact us for more information

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

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.

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.

𐠒 Promotion: Rate shown in effect 4/1/24 through 7/15/24. 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.

* APR = Annual Percentage Rate is applicable only to home equity loans meeting certain requirements. The APR may not exceed 18.00%.

3. The automatic payment rate is only available when you authorize The Summit to automatically deduct payments from your share account. To receive the automatic payment rate, the payment transfer must be from your Checking Account or Automatic Loan Payment Share account.