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

• What’s the difference between a HELOC and a Fixed Home Equity Loan?

  Both types of financing are secured by the equity in your home, which is the value of your home minus the amount you owe on your mortgage. Because your property serves as collateral, both options can provide larger loan amounts and lower interest rates compared to unsecured options like personal loans and credit cards.

  The key difference has to do with when you get the funds.

  A HELOC is a revolving line of credit that lets you borrow more than once. You can draw from this credit line at any point during your 10-year draw period (the borrowing period). As you pay down your balance, your available credit goes back up to let you borrow more. After your draw period ends, you repay all principal and interest in monthly installments (based on how much you borrowed). Many homeowners choose a HELOC because it gives them the flexibility to borrow money when needed, like a credit card, and they only pay interest on the funds they use. Most HELOCs have a variable interest rate, which can go up or down based on the market.

  A Fixed Home Equity Loan, on the other hand, provides all your funds at once. While this loan provides less flexibility than a HELOC, it gives you a fixed interest rate that won’t go up, along with predictable payments, so you’ll know in advance how much money you will need to pay back.

• How long does it take to get my funds with a HELOC?

  The time it takes to close on a HELOC can vary, but many borrowers get theirs within just a few weeks. Here at Suffolk Federal, we process applications and make loan decisions locally, which helps us provide a quick, convenient process for our members.

  Once your Home Equity Line-of-Credit has been approved, your HELOC will appear as an account within Suffolk Federal Online Banking. It’s easy to draw from your credit line by making an Account-to-Account transfer from your HELOC to your Suffolk Federal checking account. You can also make purchases directly from your HELOC using the convenience checks that we will provide.

• How much can I borrow?

  A number of criteria will be used to determine your approved loan amount, including your income, employment status, and credit score.

  One key factor will be how much equity you have in your home. At Suffolk Federal, you can access up to 80% of the appraised value of your home, minus your outstanding mortgage.

  Here’s an example. If your home is valued at $400,000, 80% would be $320,000. If your current mortgage balance is $100,000, then subtracting that amount will show how much home equity you could borrow against: $220,000.

  Please note that our Home Equity Line-of-Credit is available in amounts up to $500,000.

  To find out how much you may be able to borrow, connect with our team to discuss your situation.

• How often can the rate change on a HELOC?

  Our HELOC interest rate is based on the Wall Street Journal Prime Rate plus a margin (as determined by your creditworthiness). Rate information will be shown on your loan documents. Like other open-ended loans, your Suffolk Federal HELOC has a variable interest rate that may change monthly. If you are concerned that rising interest rates may increase your monthly payments, consider taking advantage of our HELOC’s Fixed Rate-Lock Option during your draw period (see below).

• How do I pay back a HELOC?

  During your draw period, you are only required to make a minimum payment that is equal to the finance charges (interest) that accrued on your HELOC balance during the preceding month. When you begin the repayment period after 10 years, you can no longer draw additional funds from the credit line, and you will pay off your remaining balance in monthly payments of principal and interest over 20 years.

  Please keep in mind: If you were making minimum (interest-only) payments during your draw period, your payments will be significantly higher after the draw period.

• Can I lock in an interest rate on a HELOC?

  Yes! Our Home Equity Line-of-Credit offers a special Fixed Rate-Lock Option that gives you the ability to draw up to three fixed-rate loans at a time, in amounts of at least $10,000, during the draw period. This option allows you to borrow a specific amount that is charged a fixed interest rate instead of a variable rate.

  This option could help you save money down the road by protecting against rising interest rates. Borrowers often use this option to borrow money for a specific purpose, such as a home project or debt consolidation.

  No additional application or fees are required to use the Fixed Rate-Lock Option. To draw from your HELOC using our Fixed Rate-Lock Option, simply call our Contact Center or visit your local branch. To be eligible to use the Fixed Rate-Lock Option, you must be current on all your Suffolk Federal loans (i.e., not behind on any payments).