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Home Equity

If you already own a home, it may be more than just a great place to live: it may be a great source of cash. In fact, your home’s equity — the difference between its current value and the amount you may still owe on its mortgage — can be used for just about anything, from a major renovation or debt consolidation to a dream vacation or your child’s education. We offer both a fixed-rate Home Equity Loan and a variable rate Home Equity Line of Credit — so it’s easy to find the financing you need and can afford.

Home Equity Line of Credit Home Equity Loan
  • 0.99% APR introductory rate for the first six months then as low as Prime thereafter.1
  • Credit lines up to $1,500,000 based on your home’s equity.2
  • Access funds by check, at the teller window, online, or by phone.
  • Pay no closing costs for lines up to $500,000 if the minimum draw is met. Ask for details for lines over $500,000.
  • Make low interest-only payments during draw period.
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  • Low fixed rate on loans up to $1,500,000.
  • Set monthly payments for easier budgeting.
  • Flexible terms up to 20 years.
  • Closing costs paid by NEFCU for loan amounts up to $500,000. Ask for details for loans over $500,000.
  • Minimum Loan Amount: $40,000.
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Plus, the interest on both Home Equity options may be tax-deductible (consult your tax advisor regarding deductibility).

Rates Credit Calculators

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1 APR = Annual Percentage Rate. 0.99% APR introductory rate is fixed for the first 6 months. Rate floor is the Prime Rate, currently 4.00%. Rates are based on the Prime Rate published in the Wall Street Journal plus a margin of up to 2.5%. Any changes to the Prime Rate within the month as published in the WSJ will result in a change to a borrower’s rate effective the first of the following month. Rate will revert to as low as Prime once the 6 month introductory period has expired. Rates shown are the lowest rates offered for the advertised product. Not all applicants may qualify for a special introductory rate. Applicants who are not approved at these rates may be offered a higher rate. The maximum APR imposed under the plan will not exceed 18%.

2 Home Equity Lines and Loans over $500,000 require 70% equity in the home and are subject to certain closing fees. Minimum credit score requirements apply.

All loans subject to credit approval. NEFCU’s loan programs can change at any time without notice. Home Equity Loans are made on primary residences located in New York State only. Secondary residences in New York State bearing no first mortgage may be eligible. Residences that do not have an existing first mortgage are not eligible for a Home Equity Loan. Members who pay off their Home Equity Loan or Line of Credit within 3 years will be required to pay back their closing costs previously paid by NEFCU. (Sample Home Equity Loan closing costs are $1,250 on a loan of $50,000 — property located in Nassau County.) All examples assume approved credit. NEFCU debt cannot be refinanced. Co-Ops not eligible.

Information on current registered Mortgage Loan Originators at NEFCU and their unique identifier numbers (NMLS#) can be found here.
NEFCU NMLS ID: #543667