Home Equity Lines of Credit
A Home Equity Line of Credit may make the most sense if you want to put on an addition, add a pool, or landscape your yard. It may be the best choice if you anticipate needing a big chunk of cash more than once in the coming years. Many people open a line of credit just for the security of having access to cash if they need it.
- Pittsford FCU pays the closing costs for Lines up to $50,000. Over $50,000, we ask you to pay partial mortgage tax on the difference above $50,000
- If the Line is paid off and closed within the first 24 months, there will be an early closeout penalty equal to the closing costs Pittsford FCU paid on your behalf.
- Borrow Up to 85% of appraised value minus 1st mortgage balance
- Line amount from $5,000 – $200,000 (Loan requests for greater than $200,000 will be considered on exception basis)
- 30 year repayment term
- Rate adjusts quarterly to Prime rate minus 0.25%, lifetime cap 13.50%
- Access your funds using a check or a simple transfer
- Transfer payments or make advances anytime via Digital Banking
- Tax Deductibility – Consult a tax advisor regarding the deductibility of interest. The interest paid may be tax deductible.
- Available on primary residence located in Monroe, Orleans, Genesee, Livingston, Ontario, Steuben and Wayne County
| Home Equity Lines of Credit1 | Lifetime Index and Margin | Contract APR |
|---|---|---|
| PRIME MINUS (Lines $5,000 - $200,000 and LTV up to 85%) | Prime Rate Minus 0.25% | 7.250% |