Home Equity Comparison

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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.
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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
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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.