Let Your Home Love You Back

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.

  • Special intro APR as low as 1.99% for 18 months, followed by a competitive variable rate (as low as 3.25% 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 $500,000.**
  • Fixed Rate-Lock Options that Offer Protection from Rising Rates.
    • Enjoy predictable monthly payments by locking some or all of your Variable-Rate HELOC into one or more Fixed-Rate Loans, at no additional cost!
    • No closing costs or additional approvals needed.
    • Take up to three Fixed Rate-Lock Options at one time (minimum loan amount of $10,000).

Apply Now Schedule an Appointment Call 631.498.5507

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 20 years for a Fixed Home Equity Loan and up to 10 years for a 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 631.498.5507

Frequently Asked Questions

* Introductory rate as low as 1.99% good for 18 months from origination date. Introductory APR is based on your creditworthiness and will range from 1.99% APR to 4.99% APR thereafter as low as 3.25%. Effective 18 months from origination date, APR is based on the Prime Rate as published in the Wall Street Journal plus a margin, which is determined by 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 18-month introductory period, the APR may change monthly. Rates will be 3.00% higher for Non-Primary Home Equity Line-of-Credit loans. Minimum loan amount is $20,000. Maximum loan amount is $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. 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. Monthly payments required during both the draw and repayment periods. Payment calculation after the draw period is based on 20-year amortization. Hazard insurance is required. 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. Applicants who are not approved at these rates may be offered credit at a higher 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: Lines up to $100,000 require minimum $15,000 initial advance and maintain a balance of $10,000 during the time period in which the introductory rate is offered to maintain that introductory rate; lines between $100,000.01 and $250,000 require a minimum $35,000 initial advance and maintain a balance of $25,000 during the time period in which the introductory rate is offered to maintain that introductory rate; and lines between $250,000.01 and $500,000 require a minimum $65,000 initial advance and maintain a balance of $50,000 during the time period in which the introductory rate is offered to maintain that introductory rate. For loan amounts up to $250,000, closing costs are estimated to be between $950 and $2,790. For line amounts up to $500,000, closing costs are estimated to be between $950 and $4,795. Estimates are based on Suffolk County, other counties may have different estimates. 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. Rate index is the Prime Rate as published in the Wall Street Journal. The floor rate is 3.00% APR. Rate not to exceed maximum legal limit for Federal Credit Unions (currently 18%). The Home Equity Line-of-Credit is a variable rate loan and the APR may change monthly after consummation.

† Borrower must request a Fixed-Rate Loan option by visiting a branch or calling Suffolk Federal’s Contact Center. The minimum advance for the lock option is $10,000. There is a maximum of 3 fixed rate loans at any one time. For each advance, the fixed rate will be the Prime Rate plus a margin, which will be the rate that is in effect at the time the advance is requested. Rate based on borrower’s credit eligibility at the time the line was opened. For each Fixed-Rate Loan Option, borrower can select a loan term of up to 20 years, not to exceed the maturity date of the HELOC. Credit Disability and Credit Life insurance is not available on the fixed-rate advance options.