Home Equity Loans

One of the best parts of owning a home is the ability to build equity over time. Whether you’re looking to build an add-on or renovate a room, our home equity loan or line of credit can help you finance your home improvement project. But knowing which is right for you is where the personal touch comes in.

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, you can borrow 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.


Home Equity Loans & Lines of Credit Rates

Home equity rates accurate as of: 07/01/2022
Loan Type Approximate Term Annual Percentage Rate as Low As Credit Score
Home Equity Loan
1-15 years 5.50%
Home Equity Line of Credit
Floor: 3.99% Prime minus 0.25% 700+
Cap: 15.00% Prime flat 680 to 699
Prime plus 2.00% 650 to 679