Looking to cross some things off your to-do list? Your home’s equity is a great resource for affordable financing. And it’s not just for home renovations – use the funds to plan a wedding, give your backyard a much-needed makeover, or get tuition payments in order – the possibilities are endless.
All of our home equity options are available on properties in New York and Connecticut. Interest paid on home equity loans and lines of credit may be tax deductible, and we suggest you check with your tax advisor for individual eligibility.
Home Equity Comparison
| Feature | Home Equity Loan | Interest Only HELOC | Flex Lock HELOC |
|---|---|---|---|
Interest Rate
|
Fixed
|
Variable during draw period and repayment2
|
Variable and Fixed
Line is a variable rate2 Locked segments are a fixed rate Unlocked segment is variable during repayment |
.25% Discount with Autopay3
|
Have your payment automatically deducted from your savings, checking, or tiered money market account.
|
Dot Icon here | Dot Icon here |
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 |
Closing Costs
|
No closing costs5
|
No closing costs2
|
No closing costs2
|
Payment Type
|
Principal and interest amortized over the term of the loan
|
Interest only during draw period2
Principal and interest over the repayment period2 |
Interest only on the unlocked portion of line during draw period2
Principal and interest over the repayment period2 |
"Lock-ins" are Available
|
NA
|
NA
|
Up to 3 times during the draw period; $35 fee per lock
|
All Funds Fully Disbursed at Funding
|
X
|
NA
|
NA
|
Funds Become Available After Payments are Made
|
NA
|
X
|
X
|
Borrow Up to 100% of Your Home's Value6
|
X
|
X
|
X
|
Automatic ACH Payments Available
|
X
|
NA
|
NA
|
Source of Overdraft Protection7
|
NA
|
X
|
X
|
Check Out Our Home Equity Rates
Home Equity Line of Credit
5.50%
Fixed APR for the first six billing cycles
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Variable rate as low as
8.25%
Fixed APR Thereafter
Is a Home Equity Loan or Line of Credit Best For You?
When it Comes to Home Equities, We've Got Options!
Our Flex Lock Home Equity Line of Credit is a convenient and flexible way to borrow money. A line of credit and fixed rate loan all in one plus you can withdraw funds as you need them and lock your rate up to three times.
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
Do you currently have a Hudson Valley Credit Union Account?
Please note: You may open accounts with Hudson Valley Credit Union if you live, work, worship, volunteer or attend school in Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Ulster, or Westchester County. If you do not have an account with Hudson Valley Credit Union, you will be required to open a Primary savings account with $0.01 when your loan is funded. Our loan applications prompt you to open an account, as applicable to your situation.
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 $46.50 to $725.00 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.
What Your Neighbors Are Saying
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Image of Happy coupleHVCU Member1 YearThe team went above and beyond to complete our loan in a timely manner.
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Image of Young female smilingHVCU Member6 YearsThe process was efficient and easy. The process took less time and was smoother than I had anticipated or even hoped for. A pleasure.
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Image of Smiling maleHVCU Member13 YearsThis is my 3rd home equity loan with our credit union, and I could not be more pleased every step of the way.
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Image of Male in tan shirtHVCU Member19 YearsIt was fast, and I was very satisfied. Thank you!
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Image of Relaxed woman sitting on couchHVCU Member1 YearI applied for a home equity loan; the process was extremely quick and easy. Any questions I had were answered quickly and knowledgeably. Thank you, now I can start my new bathroom!!
We Are Here To Help
Important Legal Disclosures & Information
For complaints and inquiries concerning your mortgage or home equity, please share your experience with us. You may also contact the New York State Department of Financial Services Consumer Assistance Unit at 800.342.3736 or by visiting the Department's website at www.dfs.gov.
The tools and calculators on the HVCU website are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your financial circumstances are not guaranteed. HVCU does not provide tax, legal, accounting, financial, investment or other professional advice. The tools and calculators should not be used as a substitute for tax, legal, accounting, financial, investment or other professional advice. Your use of the tools or calculators does not assure the availability of, or your eligibility for, any specific product offered by HVCU or its affiliates. The terms and conditions of specific products may differ and affect the results obtained by using these tools and calculators. All financing is subject to credit approval. The default figures, amounts and information shown in the tools and calculators are hypothetical and may not be applicable to you. Please consult with qualified professionals to discuss your particular situation.
LTV = Loan to Value TLTV = Total Loan to Value
1APR=Annual Percentage Rate. The 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). Your rate and total amount financed may vary. 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 4/4/24 and is subject to change. Click 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. HVCU expressly reserves the right to terminate this promotion at any time and without further notice provided to you.
2The variable rate is subject to increase. Maximum annual percentage rate is 18%.
3The 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 APR = Annual Percentage Rate. Rates for this product are as low as 6.75%, subject to applicant credit and total amount financed. Rates are accurate as of 4/4/24, and are subject to change without notice. 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.
5Closing 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. Homeowner’s insurance required. Borrower is also responsible for title insurance for loans over $250,000; and for flood insurance (if applicable).
6Eligibility 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.
7Signed overdraft coverage agreement required.
8APR = Annual Percentage Rate. Rates for this product are as low as 9.00%, subject to applicant credit and total amount financed. Rates are accurate as of 4/4/24, and are subject to change without notice. As an example, a $30,000 180-month solar panel loan with a fixed rate of 9.00% APR would result in an estimated payment of $304.28. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.
Insurance products: Are not NCUA/NCUSIF insured | Are not obligations of HVCU | Are not guaranteed by HVCU