Home Equity

All those great ideas? They're just waiting for you to take the next step.

  • Special intro APR* as low as 6.74% for 15 months, followed by a competitive variable rate as low as 8.50%.

Tap into the equity you've built to make almost anything happen.

A new family room? Sounds fantastic. A backyard deck? A great idea. But here's a pro tip: Home Equity Loans and Lines of Credit aren't just for repairs or renovations. 

Take advantage of your home's value

Benefit from attractive rates

Choose lump sum or loan fund

Borrow up to 80% of the value of your home for pretty much any purpose.

The best use of these affordable funds? Really, the sky's the limit. Everything from college costs and tropical cruises to medical bills and major purchases is fair game. Our friendly lending team can help you decide whether upfront cash or an easy-access loan fund might best suit your needs.

Home Equity Lines of Credit

Get access to a revolving credit line for 10 years.

  • Tap into the money any time you need it, as often as you like, using checks, Online Banking or Mobile Banking
  • Credit limits range from $20,000 to $1.5 million**
  • No closing costs**
  • Make interest-only payments during the 10-year draw period
  • Can be used to pay off higher interest loans or credit card balances

Home Equity Loans

Take your money as a lump sum of cash.

  • Competitive fixed rates
  • Predictable monthly payments
  • Repayment terms up to 10 years
  • Borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance)
  • No closing costs on loans up to $250,000**
  • Schedule automatic monthly payments through Online or Mobile Banking

Frequently asked questions.

Both types of financing are secured by the equity in your home, which is the value of your home minus the amount you owe on your mortgage. Because your property serves as collateral, both options can provide larger loan amounts and lower interest rates compared to unsecured options like personal loans and credit cards.

The key difference has to do with when you get the funds.

A HELOC is a revolving line of credit that lets you borrow more than once. You can draw from this credit line at any point during your 10-year draw period (the borrowing period). As you pay down your balance, your available credit goes back up to let you borrow more. After your draw period ends, you repay all principal and interest in monthly installments (based on how much you borrowed). Many homeowners choose a HELOC because it gives them the flexibility to borrow money when needed, like a credit card, and they only pay interest on the funds they use. Most HELOCs have a variable interest rate, which can go up or down based on the market.

A Fixed Home Equity Loan, on the other hand, provides all your funds at once. While this loan provides less flexibility than a HELOC, it gives you a fixed interest rate that won’t go up, along with predictable payments, so you’ll know in advance how much money you will need to pay back.

The time it takes to close on a HELOC can vary, but many borrowers get theirs within just a few weeks. Here at Suffolk Credit Union, we process applications and make loan decisions locally, which helps us provide a quick, convenient process for our members.

Once your Home Equity Line-of-Credit has been approved, your HELOC will appear as an account within Suffolk Credit Union's Online Banking. It’s easy to draw from your credit line by making an Account-to-Account transfer from your HELOC to your Suffolk Credit Union checking account. You can also make purchases directly from your HELOC using the convenience checks that we will provide.

A number of criteria will be used to determine your approved loan amount, including your income, employment status, and credit score.

One key factor will be how much equity you have in your home. At Suffolk Credit Union, you can access up to 80% of the appraised value of your home, minus your outstanding mortgage.

Here’s an example. If your home is valued at $400,000, 80% would be $320,000. If your current mortgage balance is $100,000, then subtracting that amount will show how much home equity you could borrow against: $220,000.

Please note that our Home Equity Line-of-Credit is available in amounts up to $1,500,000.

Our HELOC interest rate is based on the Wall Street Journal Prime Rate plus a margin (as determined by your creditworthiness). Rate information will be shown on your loan documents. Like other open-ended loans, your Suffolk Credit Union HELOC has a variable interest rate that may change monthly. If you are concerned that rising interest rates may increase your monthly payments, consider taking advantage of our HELOC’s Fixed Rate-Lock Option during your draw period (see below).

During your draw period, you are only required to make a minimum payment that is equal to the finance charges (interest) that accrued on your HELOC balance during the preceding month. When you begin the repayment period after 10 years, you can no longer draw additional funds from the credit line, and you will pay off your remaining balance in monthly payments of principal and interest over 20 years.

Please keep in mind: If you were making minimum (interest-only) payments during your draw period, your payments will be significantly higher after the draw period.

Yes! Our Home Equity Line-of-Credit offers a special Fixed Rate-Lock Option that gives you the ability to draw up to three fixed-rate loans at a time, in amounts of at least $10,000, during the draw period. This option allows you to borrow a specific amount that is charged a fixed interest rate instead of a variable rate.

This option could help you save money down the road by protecting against rising interest rates. Borrowers often use this option to borrow money for a specific purpose, such as a home project or debt consolidation.

No additional application or fees are required to use the Fixed Rate-Lock Option. To draw from your HELOC using our Fixed Rate-Lock Option, simply call our Contact Center or visit your local branch. To be eligible to use the Fixed Rate-Lock Option, you must be current on all your Suffolk Federal loans (i.e., not behind on any payments).

No, a Home Equity Line of Credit (HELOC) doesn't necessarily have to go through your mortgage company. While some mortgage lenders offer HELOCs as part of their services, you can also obtain a HELOC through banks, credit unions, and other financial institutions. It's essential to shop around and compare terms and conditions to find the best option that suits your needs and financial situation.


Financial Education

Tips to tune-up your financial plan.

* APR = Annual Percentage Rate. Rates reflect automatic payment discount of 0.25%. Introductory APR is based on your creditworthiness and will range from 6.74% to 9.74% APR. Lines up to $100,000 require minimum $15,000 initial advance and maintain a balance of $10,000 during the time period in which the introductory rate is offered to maintain that introductory rate; lines between $100,000.01 and $250,000 require a minimum $35,000 initial advance and maintain a balance of $25,000 during the time period in which the introductory rate is offered to maintain that introductory rate; and lines between $250,000.01 and $1,500,000 require a minimum $65,000 initial advance and maintain a balance of $50,000 during the time period in which the introductory rate is offered to maintain that introductory rate.  After the 15 month introductory period, APR is based on the Prime Rate as published in the Wall Street Journal plus a margin which is based on your creditworthiness. The minimum rate is 3.00% APR and the maximum rate is 18.00% APR. The HELOC is a variable rate loan. After the introductory period the APR may change monthly. Making minimum payments only may result in a balloon payment. Non primary resident properties will get an increase of 3% to the intro rate.

**Suffolk Credit Union will pay closing costs on Home Equity Loan amounts up to $250,000 on primary residences located in New York State only. Suffolk Credit Union will pay closing costs, except the appraisal fee, on Home Equity lines-of-credit amounts up to $500,000 on primary residences in New York State only. For Jumbo HELOCs on primary residences, the borrower pays for title insurance and the mortgage tax on the amount over $500,000. The member is responsible for all closing costs on secondary and investment properties and all properties located outside of New York regardless of the amount of the loan. If you pay off and close your loan less than 36 months from loan origination date, you will be required to reimburse all closing costs paid by Suffolk Credit Union. For a Home Equity Line-of-Credit: Minimum loan amount is $20,000. Maximum loan amount is $1,500,000. The length of the repayment period will depend on the balance at the time of the last advance you obtain before the draw period ends. Monthly payments required during both the draw and repayment periods. During the 10-year draw period your minimum monthly payment will equal the finance charges (interest) that accrued on the outstanding balance during the preceding month. Payment calculation is based on 20-year amortization. Hazard insurance is required. Available on 1–4 family primary or secondary residences, excluding mobile homes, co-ops and homes for sale, under construction or on leased land. Applicants who are not approved at these rates may be offered credit at a higher rate.

Rates and terms are subject to change without notice. All offers of credit are subject to credit approval requirements and applicants may be offered credit at higher rates and other terms. Loan-to-Value (LTV) and/or Combined LTV (CLTV) restrictions apply. Available on 1- to 4-family primary or secondary residences, excluding mobile homes, co-ops and homes for sale, under construction or on leased land. Hazard insurance is required on all loans secured by real property (flood insurance may also be required where applicable). Membership at Suffolk Credit Union is required by opening a minimum $5 share savings account at or prior to HELOC account opening.

Learn more about our Personal Banking Rates.