Get a line of credit to cover costs on the fly
If you're not sure how much money you'll need, a Home Equity Line of Credit (HELOC) will give you flexible funding to draw on to cover various expenses secured by the equity in your home.
Line of Credit
Draw as much or as little from your HELOC up to your approved limit and only pay on what you borrow.
Low Rates
Since a HELOC is secured by your home's equity, you can enjoy lower rates compared to other types of personal financing.
Up to 90% LTV
Get more financing from your home's equity with up to 90% combined loan to value for primary residences.
No Closing Costs
Skip the closing costs and keep more money in your account when you work with SFCU for your HELOC. Terms & conditions apply.
Flexible Terms
Choose a term that works for you. Set your monthly payments to fit your budget with terms up to 10 years available.
Rates
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Monthly Payment
Spend less on interest and keep more money in your account
Home equity lines of credit are secured by the equity in your home, meaning you can enjoy much lower rates compared to other types of personal financing. With low rates come big savings!
Flexible financing to help you pay for ongoing costs
A HELOC isn't a loan that comes in a lump sum. You'll have access to a line of credit on which you can draw as much or as little as you need. Lines of credit are ideal for ongoing variable costs, like renovating your home, funding a vacation, covering medical expenses, or paying for education, to name a few.
I had the easiest loan process in my life.
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1
Complete an application
Our friendly & professional mortgage reps will guide you through the application
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2
Have your home appraised
If required, get your home evaluated to determine the value.
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3
Use your line of credit
Once approved, you may start using the funds in your HELOC as needed.
Have a question? Get in touch with us
Have the funds to cover whatever costs life might throw your way
With a HELOC from SFCU, you can get a low-rate line of credit you can use to pay for a wide variety of ongoing expenses, backed by the equity in your home.
Home Equity Line of Credit (HELOC) Rates
| Loan Type | Introductory APR (as low as) | Margin (as low as) | Index (Prime) |
|---|---|---|---|
|
HELOC - 80% or Less LTV ** |
1.990% |
0.00% |
8.00% |
|
HELOC 81% to 90% LTV ** |
1.990% |
0.50% |
8.00% |
as of 03/23/2023
APR = Annual Percentage Rate
** The APR indicated for HELOCs is the Introductory APR and is subject to increase. The HELOC will have a constant APR for one year and then can change quarterly based on the Index(Prime) plus the Margin. Variable APR based on Prime, credit worthiness, and LTV (Loan-To-Value). Margins range from 0.00 - 1.75%.
* Title insurance may be required and is paid by the borrower. For Home Equity Fixed Loans, escrow may be required, and initial deposit at closing is paid by the borrower. Closing costs paid by SFCU, on behalf of the borrower, will be added to the payoff amount of the loan if the home equity is paid and closed within three years of loan closing. The most common amounts for closing costs are estimated between $300 - $4,000 but depending on location and other factors it could be higher or lower. Product is available for members whose owner-occupied primary residence located in New York State. For the Variable-Rate Home Equity Line of Credit, the minimum requested line of credit amount is $10,000.
No floor APR and the maximum APR = 15%. HELOC's are based on a 10 year amortization. Payments are principal and interest with a minimum of $100 monthly. HELOC loans NOT applicable for Mobile Homes.
*** Check with your tax advisor regarding deductibility.
**** To qualify for Member Rewards borrower must have qualifying direct deposit to sfcu account.
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Rates Effective as of: April 1, 2023
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