Home Equity

At The Summit, we are committed to delivering a “no surprise” and “no hidden cost” experience to our members. And you can count on clear, accurate and upfront communication throughout the home equity process.

Get a Home Equity Line of Credit

Put your home’s equity to work for you with a Home Equity Line of Credit (HELOC). The Summit’s Home Equity Line of Credit gives instant access to your line of credit and cash reserves that you can use for a variety of needs, now and in the future.

 

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 Home Equity Line of Credit 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 Home Equity Line of Credit?

  • 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) 453-7030 or (800) 836-7328 extension 7030.

Home Equity Line of Credit 85% Loan Value Rates

Rates effective November 16 through November 30, 2018

Loan Amount
Index + Margin
Resulting APR*
Payment per $1000
$15,000 or less
Prime + .25%
5.50%
$7.80
$15,000.01 - $50,000
Prime + 0.10%
5.35%
$7.80
over $50,000
Prime + 0.00%
5.25%
$7.60

Home Equity Line of Credit 95% Loan Value Rates

Rates effective November 16 through November 30, 2018

Loan Amount
Index + Margin
Resulting APR*
Payment per $1000
$0 - $35,000
Prime + 1.50%
6.75%
$8.80

Get Started Today!

Apply online for a Summit Home Equity Line of Credit or Loan now, visit a branch or contact us at (585) 453-7030 or (800) 836-7328 extension 7030.

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. 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.

Not responsible for typographic errors.

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.

 

Benefits of a Summit Home Equity Loan
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 or Loan may be tax-deductible2

Get Started Today!

Apply online for a Summit Home Equity Line of Credit or Loan now, visit a branch or contact us at (585) 453-7030 or (800) 836-7328 extension 7030.

Home Equity Loan 85% Loan Value Rates

Rates effective November 16 through November 30, 2018

Term
Fixed APR* with Automatic Payment
Payment per $1,000
Fixed APR with Billing
Payment per $1,000
60 months
4.95%3
$18.79
5.20%
$18.90
120 months
5.25%3
$10.69
5.50%
$10.81

Home Equity Loan 95% Loan Value Rates

Rates effective November 16 through November 30, 2018

Term
Index + Margin
Resulting APR
Payment per $1,000
Up to 180 months
Prime + 1.25%
6.50%
$19.53

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 FCU. 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. 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 or loan closing. 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.