Boost Your Lifestyle with the Equity You’ve Built

Your home is much more than a roof over your head. It could also be a great source of low-cost financing. At Suffolk Federal, we can help you turn your home equity into cash you can use to remodel your home, consolidate debt, take a vacation, pay tuition, and so much more.

Cash when you need it:
Home Equity Line-of-Credit

Only pay interest on the money you use. Draw from this credit line as needed to pay for a series of home improvements, pay off credit cards, handle emergency expenses, and more.

Cash upfront:
Fixed Home Equity Loan

Receive the full amount of the loan upon closing and use it to cover a large single expense, such as a home renovation.

Home Equity Line-of-Credit (HELOC)

Our affordable HELOC makes it easy to pay for multiple expenses over time.

  • Intro APR as low as 4.74% for 15 months, followed by a competitive variable rate (as low as 6.25% APR).*
  • No closing costs**.
  • Borrow money as needed and make interest-only payments for the first 10 years (the draw period).
  • Lines from $20,000 to $1,500,000.**

Apply Now Schedule an Appointment Call 631.924.8000

Home Equity Loans

Want your funds in one lump sum? Choose our Fixed Home Equity Loan or Fixed Home Equity First Mortgage.

  • Terms up to 10 years for a Fixed Home Equity Loan & Fixed Home Equity First Mortgage.
  • Great fixed rates and predictable monthly payments.
  • No closing costs on loans up to $250,000.**
  • Borrow up to 80% of your home’s appraised value (less outstanding mortgage, if applicable).

Apply Now Schedule an Appointment Call 631.924.8000

Frequently Asked Questions

* Introductory APR is based on your creditworthiness and will range from 4.74% to 7.74% 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 Federal will pay closing costs on Home Equity Loan amounts up to $250,000 on properties in New York State only. Suffolk Federal 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 Federal. 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 Federal Credit Union is required by opening a minimum $5 share savings account at or prior to HELOC account opening.