OPTION 1: Fixed Rate Home Equity Loan
Borrow up to 83% of the appraised value of your home minus unpaid existing mortgage (or 95% with qualifying criteria).
- NextStep covers most closing costs, including home appraisal, title search, flood zone determination and credit report fees
- Repayment period of 5 to 20 years
NYS mortgage tax not included. If closed within 3 years, the member will be responsible to reimburse the credit union for closing costs paid on their behalf.
OPTION 2: Members Choice Home Equity Line of Credit
Borrow up to 83% of the appraised value of your home minus unpaid existing mortgage (or 95% with qualifying criteria).
- Flexibility of a line of credit and the option to lock all or a portion of the line into a fixed rate and payback term
- You determine the amount of the option, the length of the repayment term and the repayment method – choose from a 3, 5 or 10 year draw and select a max term of 10, 15 or 20 years
NYS mortgage tax not included. If closed within 3 years, member will be responsible for reimbursing the credit union for closing costs paid on their behalf.