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Home Equity Loan

A Smart Way to Borrow

Have a large expense or project? The best way to pay for it may be right under your feet: in your home’s equity. For bigger home improvement projects, debt consolidation, or paying a large bill like a wedding, a Home Equity Loan can be a great way to afford it. 

What is Home Equity?

If you own a home and have paid off a large enough portion of the principal, you’ve built up equity. Equity is simply the difference between what your home is worth and the amount you still owe on it. For example, if your home is worth $200,000 and you still owe $150,000, you have about $50,000 in equity. You may be able to take out a home equity loan and borrow against that equity, in some cases for more than your home’s current appraisal. 

Older couple discusses home improvements they’ll pay for with a home equity loan

Home Equity Loan vs. Home Equity Line of Credit (HELOC)

While a home equity loan is a fixed loan with a set payment schedule, a HELOC is a revolving line of credit with a variable interest rate from which you can draw. A HELOC can be more practical for smaller purchases, like individual home projects. Thinking about applying for a HELOC?

HELOC: Learn More

Which is better for your needs? Like many decisions, the answer is, “it depends.” We can help to review both options and make recommendations.


Using a Home Equity Loan

With a home equity loan, you get the full amount up front, so it’s often better to pay off expenses like college tuition or for larger, one-time purchases like furniture. Among the benefits of a home equity loan are potential tax benefits (consult your tax advisor). We can help answer common questions about using home equity to purchase a new home, or to pay off credit cards.

While a home equity loan or line of credit can be used for just about anything, the top uses in our area are primarily:

  • Debt consolidation

  • Home improvement

  • Upfront college expenses

  • Investment properties


Parents helping daughter move into college dorm.

Home Equity Loan Rates

Your rate can depend on several factors, including your credit score, the amount of equity available, whether you decide to include certain options with your loan, whether your property is a first lien property, and others. We offer:

  • Fixed and variable rate home equities

  • 24/7 account access

  • Escrow options on 1st lien properties

  • Possible tax benefits (consult your tax advisor)

  • Rates generally lower than other loan types or credit cards


Home Equity Calculator

You can start with our calculator below. Enter your principal amount, the current home equity loan rate, and the number of payments for a breakdown of the monthly payment amount and total interest.


Live Smarter

Call 315-735-8571 to talk about your Home Equity Loan options or make an appointment with one of our friendly and knowledgeable representatives today. Simply click on the button below, select the “Apply for a Loan” service from the menu and choose the “Home Equity” option.

Let’s Get Started

Click below to make an appointment. Select “Apply for a Loan” and choose “Home Equity.”

Make an Appointment

Which home equity option is right for you?

Check out our helpful loan comparison calculator.


Home Equity Comparison Calculator

*Annual Percentage Rate. Federally insured by NCUA. Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change.