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My Choice Home Equity Line of Credit

Make the equity in your home work for you with a low variable rate!

Now as low as 2.25% APR for 12 months!

My Choice Home Equity Line of Credit uses the existing equity in your home to provide low interest financing option for all sorts of purchases including home improvements and renovations, college, debit consolidation, unexpected expenses and more.

Take a look at some of the benefits of a My Choice Home Equity Line of Credit:

  • Low variable rate, based on the Wall Street Journal Prime Rate. 
  • Qualified borrowers can receive up to 100% of their home's equity 
  • Loan options for primary residences and seasonal properties
  • NO annual fees or closing costs for loans*- you'll save on out of pocket expenses 
  • Potential tax deduction (consult your tax advisor)- you'll get to keep more of your hard earned money 
  • Apply once for a revolving line of credit that you have access to whenever you need it. As you payback your advances, you can borrow again and again as needed. 
  • It’s an easy hassle-free way to get the cash you need; simply write a check up to your credit limit.

* No Closing Cost offer dictates the following being paid by NCU: appraisal; title search; recording fees; filing fees; and flood certification. Borrowers are responsible for paying NYS mortgage tax. Closing costs must be reimbursed to the credit union if the home equity loan is closed within 3 years.

Annual Percentage Rate. Rate is adjustable and subject to change monthly. Rate based on Wall Street Journal Prime Rate plus or minus a margin. Margin based on the amount of the Credit Line, the borrower's credit history, and the Loan to Value ratio. 2.25% APR is fixed for the first year, then adjusting to a variable Prime Interest Rate - .25%  thereafter on borrowed amounts of $7,500.00 (minimum loan amount) to $100,000.00 (maximum loan amount) at A+ credit. Rate quoted is for 80% LTV. Alternate rates for LTVs of up to 100% of home's value are available depending on credit. Rates determined by term, overall credit history, LTV, and type of property. Wall Street Journal Prime Rate currently is 4.50%. Last change date was 12/14/17. Rate Cap of 2% per change, 6% per Year, Maximum Rate of 16%, Rate Floor of 3.00%. 5 Year Draw period and repayment period of up to 240 months (depending on balance due at the end of draw and product selected). 1-4 family, owner occupied residences and seasonal residences. Minimum monthly payment during draw is 1% of outstanding balance or $100, whichever is greater. Property must be located in New York State.