Reimagine What's Possible with a Home Equity Loan

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At SECNY, living for today doesn't mean risking your financial future.
Whether you're considering a home equity loan or a home equity line of credit (HELOC), understanding the differences can help you make the best choice for your financial situation. Both options allow you to tap into your home's equity, but they work in different ways to meet your unique needs.

What is the Difference Between a Home Equity Loan and HELOC?

A home equity loan provides a lump sum with fixed monthly payments, making it ideal for one-time expenses like major home improvements. A HELOC functions more like a credit card, allowing you to draw funds as needed with variable interest rates, perfect for ongoing projects or flexible spending needs.

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Why Should I Get a Home Equity Loan or HELOC from SECNY FCU?

Great Rates That Are Right For Your Personal Budget (Including Fixed Rate Loans)
Easy Application Process - Our streamlined application makes accessing your home equity simple and straightforward.
Quick Approvals - Get the funds you need fast with SECNY's efficient approval process, designed to help you achieve your financial goals.

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Popular Uses of a Home Equity Loan or Home Equity Line of Credit Include:

Consolidating Debt - Combine high-interest credit cards and loans into one manageable payment
Paying for College - Invest in education with potentially tax-deductible interest
Making Home Updates - Increase property value with kitchen renovations, bathroom remodels, or other home improvements
Creating Memories With Friends and Family - Fund special occasions like weddings, vacations, and other memorable experiences
Making a Once in a Lifetime Purchase - Finance major purchases or investment opportunities
Emergency Expenses - Handle unexpected medical bills, urgent repairs, or financial emergencies
AND MORE!

Home Equity Loan Rates and HELOC Rates

Rates subject to change without notice. Credit restrictions apply. Rates effective as of 7/01/25.

Home Equity Fixed

APR as Low as	Available Terms
6.00%	1-5 Years
6.50%	7 Years
6.50%	10 Years
7.00%	15 Years

Loan Application

Debt Consolidation Calculator

^{Primary Residence Only - 1st or 2nd Lien Only}
^{Loans from $10,000 to $150,000*}
^{Maximum loan amount not to exceed 90% of appraised value}
^{No Closing Costs**-$300.00 due at application and refunded at closing}
^{*See Ellen for loan requests above $150,000}
^{**All fees paid in conjunction with the loan are subject to recapture if the loan is closed within three years.}

Home Equity Line of Credit

Rates listed required one of the following (otherwise add 0.25%): A SECNY Checking Account with eStatements OR you are a Save2Earn Account Holder. Funds advanced from a Home Equity Line of Credit with SECNY cannot be used to open a Certificate of Deposit at SECNY.

APR as Low as	Available Terms
2.99%*	180 Mos.

Loan Application

Debt Consolidation Calculator

^{*Introductory Rate (in effect for 1st year) 10 Year Draw Period with 15 Year Repayment Term. Regular Rate is variable based on Prime Rate (as published in the Wall Street Journal). Current Prime Rate is 7.50%. Rate subject to change annually on the anniversary date of the loan.}
^{Primary Residence Only, 1st or 2nd Lien Only, Loans from $10,000 to $150,000**}
^{Maximum loan amount not to exceed 90% of appraised value}
^{No Closing Costs***-$300.00 Application Fee (refunded at closing).}

^{**See Ellen for loan requests above $150,000}
^{***All fees paid in conjunction with the loan are subject to recapture if the loan is closed within three years.}

Let's Talk About a Home Equity Loan or Home Equity Line of Credit That's Right For You.
SECNY's Friendly and Knowledgeable Loan Professionals Can Help.

Call Us at (315) 638-7061

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Important Info about HELOCs

Home Equity Early Disclosures

^{APR = Annual Percentage Rate. As low as 2.99% APR locked in for 1 year. Rate expressed for Line of Credit is variable and can be adjusted annually on the first day of the month following the anniversary date of opening. The rate is based on an Index Rate of the Wall Street Journal Prime Rate. There is no limit on the amount by which the Annual Percentage Rate can change during any one period up to the maximum permitted by law. Loan rate and amount are based on credit qualifications and available equity in property. Subject to change without notice. Home Equity Lines of Credit currently financed through SECNY Federal Credit Union cannot be refinanced with this offer. Funds advanced from a Home Equity Line of Credit with SECNY cannot be used to open a Certificate of Deposit at SECNY Contact any SECNY office for details. All fees paid in conjunction with the loan are subject to recapture if the loan is closed within three years.}

Frequently Asked Questions About Home Equity Loans and HELOCs

How much can I borrow with a home equity loan or HELOC?

SECNY offers home equity loans and home equity lines of credit from $10,000 to $150,000, up to 90% of your home's appraised value minus liens.

What can I use a home equity loan for?

HELOCs and home equity loans can be used to fund home improvements, emergency expenses, education, and more!

Are there closing costs on a home equity loan or HELOC?

SECNY's HELOCs and home equity loans have no closing costs, though a $300 application fee is required and refunded at closing.

How do I qualify for a home equity loan or HELOC?

Qualification is based on several factors, including credit score, debt-to-income ratio, and available home equity. Our loan professionals can help determine your eligibility.

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