Home equity is the portion of your home's value that you own. Home equity is calculated by subtracting any outstanding mortgage balance from the current market value of your home.
Your home’s equity will grow as you make your mortgage payments. You can access this equity through applying for a home equity loan or home equity line of credit (HELOC). Both options can help you pay for significant expenses, like home improvement and debt consolidation.
Borrow up to 80% of the value of your home for pretty much any purpose.
The best use of these affordable funds? Really, the sky's the limit. Everything from college costs and tropical cruises to medical bills and major purchases is fair game. Our friendly lending team can help you decide whether upfront cash or an easy-access loan fund might best suit your needs.
Take your money as a lump sum of cash.
The difference between a home equity loan and a home equity line of credit (HELOC) is the way you access your home equity.
A home equity loan provides a lump sum of money upfront, whereas a HELOC gives you access to a revolving line of credit during a specific draw period.
Our home equity loans have predictable monthly payments, making them a great option for funding major purchases, consolidating high-interest debt, and other situations where you know exactly how much money you need and when.
With an SCU home equity loan, you can borrow up to 80% of your home’s appraised value. We also offer competitive fixed rates and repayment terms up to 10 years.
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* APR = Annual Percentage Rate. Rates reflect automatic payment discount of 0.25%. Introductory APR is based on your creditworthiness and will range from 5.99% to 9.74% APR. Lines up to $100,000 require minimum $15,000 initial advance and maintain a balance of $10,000 during the time period in which the introductory rate is offered to maintain that introductory rate; lines between $100,000.01 and $250,000 require a minimum $35,000 initial advance and maintain a balance of $25,000 during the time period in which the introductory rate is offered to maintain that introductory rate; and lines between $250,000.01 and $1,500,000 require a minimum $65,000 initial advance and maintain a balance of $50,000 during the time period in which the introductory rate is offered to maintain that introductory rate. After the 15 month introductory period, APR is based on the Prime Rate as published in the Wall Street Journal plus a margin which is based on your creditworthiness. The minimum rate is 3.00% APR and the maximum rate is 18.00% APR. The HELOC is a variable rate loan. After the introductory period the APR may change monthly. Making minimum payments only may result in a balloon payment. Non primary resident properties will get an increase of 3% to the intro rate.
**Suffolk Credit Union will pay closing costs on Home Equity Loan amounts up to $250,000 on primary residences located in New York State only. Suffolk Credit Union will pay closing costs, except the appraisal fee, on Home Equity lines-of-credit amounts up to $500,000 on primary residences in New York State only. For Jumbo HELOCs on primary residences, the borrower pays for title insurance and the mortgage tax on the amount over $500,000. The member is responsible for all closing costs on secondary and investment properties and all properties located outside of New York regardless of the amount of the loan. If you pay off and close your loan less than 36 months from loan origination date, you will be required to reimburse all closing costs paid by Suffolk Credit Union. For a Home Equity Line-of-Credit: Minimum loan amount is $20,000. Maximum loan amount is $1,500,000. The length of the repayment period will depend on the balance at the time of the last advance you obtain before the draw period ends. Monthly payments required during both the draw and repayment periods. During the 10-year draw period your minimum monthly payment will equal the finance charges (interest) that accrued on the outstanding balance during the preceding month. Payment calculation is based on 20-year amortization. Hazard insurance is required. Available on 1–4 family primary or secondary residences, excluding mobile homes, co-ops and homes for sale, under construction or on leased land. Applicants who are not approved at these rates may be offered credit at a higher rate.
Rates and terms are subject to change without notice. All offers of credit are subject to credit approval requirements and applicants may be offered credit at higher rates and other terms. Loan-to-Value (LTV) and/or Combined LTV (CLTV) restrictions apply. Available on 1- to 4-family primary or secondary residences, excluding mobile homes, co-ops and homes for sale, under construction or on leased land. Hazard insurance is required on all loans secured by real property (flood insurance may also be required where applicable). Membership at Suffolk Credit Union is required by opening a minimum $5 share savings account at or prior to HELOC account opening.
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