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Home Equity

All those great ideas? They're just waiting for you to take the next step.

  • Special intro APR as low as 5.99% for 15 months, followed by a competitive variable rate

Tap into the equity you've built to make almost anything happen.

A new family room? Sounds fantastic. A backyard deck? A great idea. But here's a pro tip: Home Equity Loans and Lines of Credit aren't just for repairs or renovations. 

Take advantage of your home's value

Benefit from attractive rates

Choose lump sum or loan fund

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.

Home Equity Loans

Take your money as a lump sum of cash.

  • Competitive fixed rates
  • Predictable monthly payments
  • Repayment terms up to 10 years
  • Borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance)
  • No closing costs on loans up to $250,000**
  • Schedule automatic monthly payments through Online or Mobile Banking

Home Equity Lines of Credit

Get access to a revolving credit line for 10 years.

  • Tap into the money any time you need it, as often as you like, using checks, Online Banking or Mobile Banking
  • Credit limits range from $20,000 to $1.5 million**
  • No closing costs**
  • Make interest-only payments during the 10-year draw period
  • Can be used to pay off higher interest loans or credit card balances

Financial Education

Tips to tune-up your financial plan.

First Time Home Buyers Club

Helping you make the right move.

* Introductory APR is based on your creditworthiness and will range from 5.99% to 8.99% APR. 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 properties 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 properties in New York State only. If you pay off and close your loan less than three years 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.