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Interest-Only Home Equity Line of Credit

Adjustable

Minimum loan amount: $10,000

Maximum loan amount: $500,000


Apply!

  • Monthly payment is lower for first ten years because you’re paying interest only
  • Refinance a higher-payment HELOC from another financial institution with us
  • Tax deductions available (consult your tax advisor)
  • No closing costs

Term:

  • Loan term of 25 years - interest-only payment required during the initial draw period of 10 years; then 15-year repayment term

Introductory Rate:

  • Current adjustable APR* is 2.74%

*APR: Annual Percentage Rate. Rates and terms accurate as of 5/1/17. All rates and terms are subject to change without notice. Term: 180 Months. Daily Periodic Rate is 0.0075%. HELOC max $500,000 (up to 80% of home value, rate shown for 80% max. LTV). Lines up to $100,000 require $10,000 min. advance & must maintain a balance of $5,000 for 36 months to avoid repayment of closing costs. Lines $100,001 - $250,000: $60,000 advance & maintain a balance of $50,000 for 36 mos. to avoid repayment of closing costs. Lines $250,001 - $500,000: $150,000 advance & maintain a balance of $100,000 for 36 mos. to avoid repayment of closing costs. Variable rate equal to the Wall Street Journal Prime Rate (4.00% as of 4/12/2017) as published 30 days prior to interest rate adjustment date, applied at loan origination. After 12 month period, a 1% maximum rate adjustment is allowed per quarter. Rate will not exceed 18% over the life of the loan. Appraisal will be required. Primary residence – New York only. Ask for details. Membership conditions may apply.

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