Home Equity Comparison
| Feature | Home Equity Loan | Interest Only HELOC | Flex Lock HELOC |
|---|---|---|---|
Interest Rate
|
Fixed
|
Variable during draw period and repayment1
|
Variable and Fixed
Line is a variable rate1 Locked segments are a fixed rate Unlocked segment is variable during repayment |
.25% Discount with Autopay2
|
Have your payment automatically deducted from your savings, checking, or tiered money market account.
|
Dot Icon here | Dot Icon here |
Term
|
Up to 20 years3
|
5 year draw period, 15 year repay
|
5 year draw period, 15 year repay
"Lock-ins" are available for 1 to15 year terms |
Closing Costs
|
No closing costs4
|
No closing costs4
|
No closing costs2
|
Payment Type
|
Principal and interest amortized over the term of the loan
|
Interest only during draw period1
Principal and interest over the repayment period1 |
Interest only on the unlocked portion of line during draw period1
Principal and interest over the repayment period1 |
"Lock-ins" are Available
|
NA
|
NA
|
Up to 3 times during the draw period; $35 fee per lock
|
All Funds Fully Disbursed at Funding
|
X
|
NA
|
NA
|
Funds Become Available After Payments are Made
|
NA
|
X
|
X
|
Borrow Up to 100% of Your Home's Value5
|
X
|
X
|
X
|
Automatic ACH Payments Available
|
X
|
NA
|
NA
|
Source of Overdraft Protection6
|
NA
|
X
|
X
|
We Are Here To Help
Important Legal Disclosures & Information
For complaints and inquiries concerning your mortgage or home equity, please share your experience with us. You may also contact the New York State Department of Financial Services Consumer Assistance Unit at 800.342.3736 or by visiting the Department's website at www.dfs.gov.
LTV = Loan to Value TLTV = Total Loan to Value
1The variable rate is subject to increase. Maximum annual percentage rate is 18%.
2The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate.
3APR = Annual Percentage Rate. Rates for this product are as low as 6.75%, subject to applicant credit and total amount financed. Rates are accurate as of 10/3/24, and are subject to change without notice. As an example, a $100,000, 180-month term with 80% LTV at a fixed rate of 6.50% APR would result in an estimated payment of $871.11. Payments do not include taxes and insurance premiums, if applicable, and your actual payment may be higher.
4Closing costs associated with this product are waived, provided loan is maintained for a minimum of three years. HVCU will pay for property appraisal, credit report, flood certification, attorney fee, mortgage tax, recording fee, and title search. Homeowner’s insurance required. Borrower is also responsible for title insurance for loans over $500,000; and for flood insurance (if applicable).
5Eligibility and total amount financed for home equity products are based on an evaluation of applicant credit, appraised value, and existing liens (LTV). Maximum loan amount for TLTV 90.01% - 100% is $100,000.
6Signed overdraft coverage agreement required.