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Home Equity Lines of Credit & Loans


Your home’s equity is a great resource for renovations, education expenses, a daughter’s wedding, a new business—the possibilities are endless. While we recognize borrowing needs and ability to repay obligations are different for everyone, we encourage you to borrow and spend responsibly whatever obligations you may have.
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    Tax advantaged for most. Interest may be tax deductible. Check with your tax advisor for eligibility.
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    No closing costs2 saves you hundreds of dollars.
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    Flexible terms and competitive rates make home equity financing an affordable alternative for larger projects. Available on properties in New York and Connecticut.
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    Arrange to have your payment automatically deducted from your savings, checking, or tiered money market account and we’ll lower your interest rate by .25%.3

Get Started

Apply online
 

What to Expect When Applying

Is a Home Equity Loan or Line of Credit Best For You?

By answering a few questions, we can help you decide which home equity option is best for you. Take our short quiz to find out.

couple remodeling their home

 


There's a Reason People Choose the Credit Union

Take Margaret, for example – she’s proud to use the equity in her home to send her daughter to college. 

Home Equity Comparison

Feature Home Equity Loan Interest Only HELOC Flex Lock HELOC
Term
 
Up to 20 years4
 
5 year draw period,
15 year repay
 
5 year draw period,
15 year repay

"Lock-ins" are available for
1 to15 year terms
Interest Rate
 
Fixed Variable during draw period and repayment5 Variable and Fixed

Line is a variable rate5

Locked segments are
a fixed rate

Unlocked segment is
variable during
repayment
Closing Costs No closing costs2
Payment Type
 
Principal and interest amortized over the term of the loan Interest only during draw
period5

Principal and interest over
the repayment period5
Interest only on the unlocked portion of line during draw
period5

Principal and interest over the repayment period5
"Lock-ins" are available
 

 
  Up to 3 times during the
draw period;
$35 fee per lock
All Funds Fully Disbursed
at Funding
X    
Funds Become Available After Payments are Made   X X
Borrow Up to 100% of Your Home's Value6; $250,000 Maximum Loan Amount6 X X X
Automatic ACH
Payments Available
X    
Source of
Overdraft Protection7

 
X X

 


Solar Panel Financing

Looking for ways to finance solar panels for your home? We have special solar panel financing! We offer a fixed rate loan with a maximum loan amount of $30,000, and you can borrow up to 100% of the invoice for the solar panels, not to exceed 125% of appraised value of the property including any existing first and second lien balance. You may take up to 15 years to repay your loan.8
 

Schedule of Mortgage Servicing Fees

Each county charges a satisfaction fee when you pay your mortgage in full and this fee will be passed on to you. Satisfaction fees range from $60.50 to $750.00 depending on the county in which the property is located. Your actual satisfaction fee will be determined at the time of the payoff and the property location.

 

Home Equity Loan Rates

HELOC
Variable APR
Introductory 1.99% for first six billing cycles; 3.00% thereafter
Home Equity Loan Fixed APR
4.75%

View all APRs and disclosures

Useful Resources

Get a free credit report review from BALANCE. Their counselors are certified to review credit reports and can help make sense of what is in your report.

Credit Report Review

1The introductory rate will be in effect the first 6 billing cycles after your account is opened, whether or not funds have been advanced from your account during that time. Thereafter, the rate, including the rate on any existing balance, will convert to the applicable Variable Rate. Rate is as low as stated. Rate is based on an evaluation of applicant credit and total amount financed. Total amount financed is based on evaluation of applicant credit, appraised value, and existing liens (LTV). Maximum loan amount for TLTV 90.01% - 100% is $100,000. Your rate and total amount financed may vary from the stated rate and maximum financing. The stated rate is discounted by .25% and includes a requirement that the loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate. Maximum rate is 18%. Rate information is accurate as of 4/1/2020 and is subject to change. Visit hvfcu.org for current rates. This offer is not guaranteed if your account is not in good standing and if you do not meet our credit criteria, including providing acceptable property for collateral. Offer may be withdrawn at any time.
2Closing costs associated with this product are waived, provided loan is maintained for a minimum of three years. HVCU will pay for property appraisal, credit report, flood certification, attorney fee, mortgage tax, recording fee, and title search. Borrower is responsible for both homeowners and flood insurance. Borrower is responsible for title insurance fees for home equity loans and lines of credit over $150,000.
3 The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate.
4 As an example, a $100,000, 180-month term with 80% LTV at a fixed rate of 6.50% APR would result in an estimated payment of $871.11. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.
5 The variable rate is subject to increase. Maximum annual percentage rate is 18%.
6 Eligibility and total amount financed for home equity products are based on an evaluation of applicant credit, appraised value, and existing liens (LTV). Maximum loan amount for TLTV 90.01% - 100% is $100,000.
7 Signed overdraft coverage agreement required.
8 As an example, a $30,000 180-month solar panel loan with a fixed rate of 6.50% APR would result in an estimated payment of $261.34. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.

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