Home Equity Loans and Lines of Credit
Whether you are making home improvements, adding an addition, sending your kids off to college or just want to consolidate debt, then a Fixed Home Equity Loan or Home Equity Line of Credit at Tri Boro FCU is what you are looking for. Home equity is the difference between how much you owe on your mortgage and how much your home is worth.
Contact the Real Estate Lending Department for more information! You must be a member of Tri Boro FCU to apply for a loan.
Fixed Home Equity Loans
Tri Boro FCU has Fixed Home Equity Loan options allowing you to use your home’s equity to help you pay for life’s big expenses. By using your primary residence as collateral, you can obtain a loan for up to 90% of the equity in your home at a low rate of interest. Property appraisals are required to determine your homes equity.
The best part about our Fixed-Rate Home Equity Loan is stability. This is a great option if you’re in need of a specific amount of money for a one-time expense. You'll get a lump sum amount at closing and enjoy a fixed rate for the life of the loan (up to 20-year terms!) with set monthly payments.
Home Equity Line of Credit
Our Home Equity Line of Credit offers flexibility. If you expect to have ongoing expenses, this option is for you. Borrow as you need, when you need it, up to your maximum credit limit with no annual fees!
By setting up a Home Equity Line of Credit you have access to an instant loan by simply writing a check! Just fill out one loan application and you will have access to your credit line for up to 10 years without having to reapply or additional fees.
The interest rate is a variable rate based on the U.S. Prime Rate. Interest is charged only on the amount you’ve borrowed. The first advance you take must be a minimum of $1,000 while any additional advances are a minimum of $500.
What you should know about Home Equity Lines of Credit
| Home Equity | |||
| Effective Date: 10/16/2023 | |||
| Type | Maximum LTV* | Term | APR* As Low As |
| 1st Lien Position Home Equity | 80% | 5 Years | 5.99% |
| 10 Years | 6.25% | ||
| 15 Years | 6.50% | ||
| 20 Years | 6.75% | ||
| 2nd Lien Position Home Equity | 80% | 5 Years | 6.49% |
| 10 Years | 6.75% | ||
| 15 Years | 7.00% | ||
| 20 Years | 7.25% | ||
| Home Equity Check Credit | Variable | 8.50% | |
| Loans under $150,000 will pay closing costs of $399.00. First position Interest rate will be 1.00% higher than advertised rate for loan amounts exceeding 80% of house value, up to 90% LTV max, Second position Interest rate will be 1.50% higher than advertised rate for loan amounts exceeding 80% of house value, up to 90% LTV max, Loans over $100,000 call for closing fees. Interest rates will be .25% higher for a No cash out refinance of an existing Tri Boro loan if not borrowing a minimum of $5,000 in new money. **Rates will be determined by member's credit worthiness. | |||
THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV. You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law."