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Home Equity Options

Using the value in your home

Many of life’s great moments begin at home. This summer, discover how the value in your home can help you and your family create new memories. From funding that new vacation home, to planning for a future wedding, or preparing for college tuition, explore how your home's equity can help you afford more of these memorable occasions.

What’s the Difference Between a Home Equity Loan and a Home Equity Line of Credit (HELOC)? In both cases, you’re borrowing money against the equity in your home, using the home itself as collateral.

Home Equity Loan

A home equity loan is a fixed loan with a set payment schedule. Often referred to as a “second mortgage”, it is an option that can be combined with your original mortgage for simpler monthly payments with a fixed interest rate. When approved for a home equity loan, you get the entire amount of the loan up front, so it’s often better for larger, one-time purchases like a new deck, or to pay off a big expense, like a wedding. Even better, interest on a Home Equity Loan may have tax benefits (consult your tax advisor), depending on what you use it for.

Home Equity Loan: Learn More

Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit from which you can draw, with a variable interest rate, and allows for draw period extensions. A HELOC is more like a credit card. Once it’s approved, you can decide if and when you want to use any of the money available, and withdraw it from that account. Once you’ve taken some out, you’ll have a repayment due. A HELOC is more practical for purchases that are made a smaller amount at a time, like ongoing renovations. Similar to a Home Equity Loan, interest on a HELOC may have tax benefits (consult your tax advisor), depending on what you use it for.

Home Equity Line of Credit: Learn More

Which is Best for Your Needs?

Like many decisions, the answer is, “it depends”. A larger, one-time-payment project might be better served by a home equity loan, while a long-term project that can be paid a small amount at a time could call for a HELOC. We’ll help you Live Smarter by working with you to determine which is best for you and your needs.

Home Equity Details

Did you know in some cases you can finance more than your home’s current appraisal? We offer both fixed and variable rate home equities, with 24/7 account access. Plus we have escrow options on 1st lien properties; a convenient and hassle-free way to ensure your taxes and insurance are paid on time.

The reason that this type of loan is so appealing is that you may have possible tax benefits (consult your tax advisor) by using your home as collateral, and the rates are generally lower than other loan types or credit cards.

Choose to Live Smarter

If you know how you want to use your home’s equity, it’s time to see if you can put it to work for you.

Apply Now
 

If you’re not ready to apply for a Home Equity Loan, and have questions, we are here to help. Call 315-735-8571 to talk about your options or make an appointment with one of our friendly and knowledgeable representatives today.

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1st Lien Home Equity Loan

Term APR
Fixed Rate with Closing Costs
1-5 Years as low as 4.99%
6-10 Years as low as 5.99%
11-15 Years as low as 6.24%
16-20 Years as low as 6.74%

2nd Lien Home Equity Loan

Term APR
Fixed Rate with Closing Costs
1-5 Years as low as 6.74%
6-10 Years as low as 7.49%
11-15 Years as low as 7.74%
16-20 Years as low as 8.49%

Home Equity Line of Credit

Rate APR
6 Month Introductory Rate as low as 2.99% for six months*
12 Month Introductory Rate as low as 4.74% for twelve months*
18 Month Introductory Rate as low as 5.99% for eighteen months*
Variable Rate as low as Prime Rate minus 0.25% = 7.25%

1st Lien Disclosure

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

1st Lien Fixed Rate With Closing Costs: Out-of-pocket fees vary depending on loan amount and can be as low as $350.00 for a $50,000 loan or $725.00 for a $100,000 loan. If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on the loan amount and can be as low as $238.50 for a $50,000 loan or $238.50 for a $100,000 loan.

Monthly payments for 10 years at 5.99% would be $11.10 per $1,000 borrowed. This does not include taxes and insurance. Actual payment amounts will be greater. Homeowners insurance is required.

The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.

2nd Lien Disclosure

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

2nd Lien Fixed Rate With Closing Costs: Out-of-pocket fees vary depending on loan amount and can be as low as $350.00 for a $50,000 loan or $725.00 for a $100,000 loan. If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on the loan amount and can be as low as $238.50 for a $50,000 loan or $238.50 for a $100,000 loan.

Monthly payments for 10 years at 7.49% would be $11.87 per $1,000 borrowed. This does not include taxes and insurance. Actual payment amounts will be greater. Homeowners insurance is required.

The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.

Home Equity LOC Disclosure

*After 6, 12, or 18 months (whichever introductory term is chosen), the APR (Annual Percentage Rate) may vary monthly based on the Prime Rate published in the Wall Street Journal plus a margin. Prime rate as of 12/18/24 is 7.50%. Minimum Line of Credit loan is $7,500. Rates can increase or decrease, but not to exceed 15.99% APR.

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $588.50 for a $50,000 loan or $963.50 for a $100,000 loan.

Consult a tax advisor for deductibility for interest. Homeowners insurance is required.

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Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change. Equal Housing Lender.