Is a Home Equity Loan Right for Me?

Commonly known as a second mortgage, home equity loans allow you to borrow a specific amount of money against the value of your home. Meaning, that you can borrow the money you've already paid on your mortgage and immediately begin paying it back in addition to your monthly mortgage payment. This money is received in a lump sum, giving you the cash you need all at once.

Maybe a Home Equity Line of Credit is Better Suited?

Similar to a credit card, only far more flexible and with a much better rate, a home equity line of credit allows you to borrow money against the value of your home. With the revolving feature, you can decide how much principle you'd like to pay down (if any) for a period of 10 years. You are only billed on the interest accumulated. If a balance remains at the end of the 10-year revolving period, we can conveniently convert the line of credit to a loan with a term of up to 20 years This option allows you to borrow smaller sums of money over time as you need it.

Whichever home equity option is right for you, Adirondack Regional Federal Credit Union works with you directly to understand your personal needs, close the loan fast, and get you started on your home improvement project.

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Home Equity Loans & Lines of Credit Rates

Loan rates accurate as of 01/01/2024
*Actual APR and maximum amount financed are determined upon the applicant's credit score.
Loan TypeTermAPR* starting at
Home Equity Loans1-15 Years7.25%
Home Equity Line of CreditCredit ScoreSpreadSpread
 700 or greaterprime - 0.25%
Floor: 3.99%680 - 699prime Flat
Cap: 15:00%650 - 670prime + 2.00%