Home Equity Loans

Cozy home, fire place, candle

Time to UnwindDo More in 2024 with a Home Equity Line of Credit as low as 2.24% APR1+ NO CLOSING COSTS!2

With a Home Equity Loan or Home Equity Line of Credit, what you do is up to you. Popular uses of a Home Equity Loan or Home Equity Line of Credit Include, but are certainly not limited to:

  • Create a Space to Make Memories with Family and Friends,
  • Buying Something That You've Always Wanted,
  • Enjoying a Vacation,
  • Investing,
  • Emergency Expenses,
  • Consolidating Debt,
  • Paying for College,
  • Home Improvements,
  • and more

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Home Equity

What is the difference between a Fixed Rate Home Equity Loan and a Home Equity Line of Credit?

Both are based on the equity you have built up in your home. SECNY FCU will lend up to 90% of the appraised value of your home, subtracting any existing liens being kept. Consolidate bills, make home improvements, finance your child's education and more! Life and Disability Insurance is available upon request.

Fixed Rate Home Equity Loan

With our Fixed Rate Home Equity Loan, you receive the money you are borrowing all at once and repay it over a set amount of time, at a fixed interest rate. There are no draws available with this loan type. This is a great option if you are considering consolidating debt, paying for education expenses or home improvements such as windows, roofing or driveway.

Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit (HELOC) is a variable rate loan that allows you to take draws on the line of credit as you need it. The payments are based on the principal and interest of the amount used. This is the perfect loan type for home improvements such as remodeling the interior parts of your home because it gives you the flexibility use it as you go and pay only on what is used. Refer to the Home Equity Early Disclosures for details. 

Important Info about HELOCs Home Equity Early Disclosures 

SECNY is a proud lender to homeowners in Central New York. We are your local partner!

Our mortgage department is comprised of a team of professional, knowledgeable individuals. Our primary focus is on the personalized service we provide our members. With our great rates, customized lending solutions and quick processing time, you will be sure to love us and the all the services we have to offer, now and in the future! Automatic payments, payroll deduction and direct deposit are just a few of the services we offer to our members.

Ready to apply?  All eligible borrowers will need to become  a member of the credit union and open their membership account prior to or at time of application. View membership eligibility. 

Please see the checklist below for a list of items needed to process Home Equity Loans and HELOCs.

Home Equity Checklist View Rates

 Online Home Equity Application

1 APR = Annual Percentage Rate. As low as 2.24% 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.
2 All fees paid in conjunction with the loan are subject to recapture if the loan is closed within three years