Mortgage & Home Equity

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

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

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Home Equity Line of Credit Rates

Home Equity Line of Credit 85% Loan Value Rates

Rates Effective April 16 through April 30, 2024

Loan Amount
6 Month Intro APR
Index + Margin
Resulting APR*
Payment per $1,000
$15,000 or less
3.95%
Prime + .25%
8.75%
$10.50
$15,000.01 – $50,000
3.95%
Prime + 0.00%
8.50%
$10.30
Over $50,000
3.95%
Prime – 0.25%
8.25%
$10.01

Home Equity Line of Credit 95% Loan Value Rates

Rates Effective April 16 through April 30, 2024

Loan Amount
Index + Margin
Resulting APR*
Payment per $1000
$0 – $35,000
Prime + .75%
9.25%
$10.90

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

Home Equity Line of Credit Calculator

Use this calculator to determine the HELOC amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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.

Get Started Today!

Apply Online
Schedule Zoom Appointment
Visit Branch

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

    THE SUMMIT IS AN EQUAL HOUSING LENDER. Membership eligibility required. Limited time offer.

    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: As of 4/1/24, the as low as APR was 8.25% available for line limits over $50,000, 8.50% for line limits between $15,000 and $50,000, and 8.75% for line limits of $15,000 or less. The introductory APR 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. As of 4/1/24, fully-indexed APR was 8.25%, based on a Prime Rate of 8.50% minus 0.25% on line limits over $50,000. Thereafter, variable rate subject to change based on the highest Prime Rate and a margin of minus 0.25% to plus 0.25% depending on line limit. Maximum 18% APR. 

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