Home Equity Loans Rates

Rates effective as of December 13, 2017.

Home Equity Fixed Rate Loan

Home Equity Fixed Rate Loan rates may be discounted 0.25% when a Direct Rewards Checking account is opened and maintained and the payment is deducted from that account.

Term in monthsLienInterest RateDirect Rewards APR*
36 to 60 Months First lien 3.375% 3.125%
36 to 60 Months 2nd lien 3.500% 3.250%
61 to 120 Months First lien 3.875% 3.625%
61 to 120 Months 2nd lien 4.000% 3.750%
121 to 180 Months First lien 4.375% 4.125%
121 to 180 Months 2nd lien 4.500% 4.250%

    * Direct Rewards APR reflects a rate discount of 0.25% when a Direct Rewards Checking account is opened and maintained and the payment is deducted from that account.

    • Loan Limits from $15,000 to $300,000
    • Fixed Interest Rate / amortized monthly payment of principal and interest
    • No closing costs¹ for loans of $250,000 or less
    • At closing, the Borrower will be required to pay New York State Mortgage Tax of 1% on any portion of the loan which exceeds $250,000
    • Maximum available equity is 75%-90% of the appraised value minus the balance of the first mortgage
    • Subject to credit approval
    • Property Insurance and, if applicable, flood insurance is required
    • Consult tax advisor for tax deductibility
    • Rates are subject to change and set based upon the current rate for the day you apply.

    Typical loan payment examples are as follows: If you borrow $15,000, secured by a first lien for 36 months at 3.375% APR, the monthly payment would be $438.70. If you borrow $15,000, secured by a second lien for 180 months at 4.50% APR, the monthly payment would be $114.75. Monthly payment examples do not include property taxes or homeowners insurance. Your actual monthly payment may be higher. Additional terms and conditions may apply.

    ¹To qualify for no closing costs, customers must maintain the Home Equity Fixed Rate Loan in good standing for 36 months. Early discharge of the Home Equity Fixed Rate Loan, for any reason within 36 months of the original note date, may require payment of closing costs at the time of cancellation. These third party fees generally total between $635.98 and $2,411.48.

    Home Equity Variable Rate Line of Credit

    Home Equity Variable Rate Line of Credit rates may be discounted 0.25% when a Direct Rewards Checking account is opened and maintained and the payment is deducted from that account.

    RateCurrent Prime RateAnnual Percentage Rate
    Prime + 0% 
    (4.25% minimum / 15% maximum)
    4.25% 4.25%
    • Loan Limits from $15,000 to $300,000
    • No closing costs² for loans of $250,000 or less
    • At closing, the Borrower will be required to pay New York State Mortgage Tax of 1% on any portion of the loan which exceeds $250,000
    • Variable Rate / Minimum payment of monthly accrued interest
    • Maximum available equity is up to 90% of the appraised value minus the balance of the first mortgage
    • Credit line checks provided for easy access to line
    • Property Insurance and, if applicable, flood insurance is required
    • Subject to credit approval
    • Consult tax advisor for tax deductibility

    Rates are variable and may adjust monthly based on changes to the Prime Rate, as published in the Wall Street Journal.

    ²To qualify for no closing costs, customers must maintain the Home Equity Line of Credit in good standing for 36 months. Early discharge of the Home Equity Line of Credit, for any reason within 36 months of the original note date, may require payment of third party fees at the time of cancellation. These third party fees generally total between $635.98 and $2,411.48.