Home Equity Lines
Your smart cash reserve.
- Revolving home equity loan with rates as low as prime.
- Use it as you need it for recurring expenses, such as college costs or long-term home renovations, or as a ready source of cash for emergencies or opportunities that come along.
- We will finance up to 80% of the market value of the residence less any outstanding liens. (if you qualify)
- Take up to 20 years to re-pay.
- Current rate: 3.00% APR+
- No closing costs*
- Interest may be tax deductible**
- Applicants may elect to pay only interest for first 5 years.
- Loan Protection Insurance available.
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Membership eligibility applies. +APR=Annual Percentage Rate. Rates and terms accurate as of 04/17/2019 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan rates featured are the lowest for the product advertised. Loan-to-value restrictions may apply. Hazard insurance is required on all loans secured by real property; flood insurance may also be required. Rates advertised are for primary residence and properties located in New York. The introductory rate for HELOC is currently 3.00% APR fixed for the first 12 months for borrower(s) who maintain the minimum balance requirements for the first 12 months after the funding date of the Line of Credit. (HELOC limits up to $250,000=$25,000; $250,000.01-$500,000=$50,000 and $500,000.01-$1,000,000=$100,000). Minimum balance requirements must also be maintained for 36 months after the funding date of the Line of Credit to avoid payment of closing costs. Introductory Rate is not available to members who have an existing Island Home Equity Line of Credit. After the introductory period, your APR will vary with the market based on the Prime Rate. Prime Rate is currently 5.50%. Borrower may obtain credit advances for 10 years. *No closing costs option is only available for limits up to $500,000. Property must be the primary residence and located in Nassau or Suffolk County. Mortgage tax and recording fees must be paid by borrower if residence is not in Nassau or Suffolk County. Other terms and restrictions apply to properties located outside of New York State. HELOC is a variable rate product with a maximum rate of 16%. **Consult your tax advisor for information regarding the deductibility of interest and other charges.