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.
* 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.
**Rate shown in effect 3/1/25 through 5/31/25. Home Equity Fixed Loan (HELOAN) is a Fixed Personal Loan with a term of 5 years at 6.00% Annual Percentage Rate (APR) when the member pays closing costs. For example: a HELOAN of $10,000 for 5 years at 6.00% APR will have a monthly payment of $193.33. Loans subject to credit approval. Certain limitations may apply. 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.
