FIXED & VARIABLE RATE HOME EQUITY LOANS

HRCCU offers its members many types of real estate loans including: fixed rate home equity loans and a variable rate home equity line of credit.  HRCCU will request information to verify your identity when required (i.e. membership or loan application) in accordance with the USA Patriot Act of 2001.

Fixed, No Closing Costs, $30,000-$300,000 up to 90% financing available: 

Members must credit qualify and be in-good-standing. Rates are listed in annual percentage rate (A.P.R.) and include up to 80% financing.  Other rates and terms are available.  If first lien, member is responsible for updating title work.  If second lien, existing title verification is required.  Minimum amount borrowed is $30,000; maximum $300,000.  Terms up to 30 years or 360 months.  If your home equity is paid off within 36 months, all closing costs HRCCU paid on behalf of the member will be added to the loan payoff amount.  Closing costs are estimated from $300 up to $717.  Home equity financing may be tax deductible.  Consult a tax professional about deductibility in your situation.  NOTE:  HRCCU will pay closing costs (up to $200 on title work); and member pays mandatory NYS mortgage tax which can be deducted from proceeds.  Mortgage tax ranges from $225 for $30,000 loan up to $2,225 for a $300,000 loan. A Flood Zone Determination Fee of $18.50 may be due at closing.

Home Equity Rates

Home Equity - Balloon  (Fixed for 5 years)                    Special Summer Rate! click here

*A.P.R. = Annual Percentage Rate

5-Year Fixed with balloon:  Home equity annual percentage rates start at 4.90% A.P.R.*  for loans $30,000 or more and 5.90% A.P.R.* for loans less than $30,000.  Mortgage tax ranges from $50 for $5,000 loan up to $2,225 for $300,000 loan. If first lien, member is responsible for updating title work. If second lien, existing title verification is required. Minimum amount borrowed is $5,000, maximum $300,000. Terms up to 25 years.  Fixed rate balloons after 60 months.  If your home equity loan is cancelled for any reason within 5 years from the closing date, the closing costs HRCCU paid on your behalf will be added to your loan payoff amount. Refinancing applies only to home equity loans from other financial institutions. Home equity financing may be tax deductible; consult your tax professional about deductibility in your situation. 

How to Apply:

To apply, fill out HRCCU's on-line home equity loan application or call the credit union and speak to a loan specialist at 518-654-9028 or 800-824-0700.

Home Equity - Line of Credit

*A.P.R. = Annual Percentage Rate

Home equity line of credit annual percentage rate is valid unless prime rate changes. Variable rates based on current prime rate as stated in the Wall Street Journal; annual percentage rates may vary. To review the complete disclosure of terms/conditions for HRCCU's home equity variable line of credit, click here.  The annual percentage rate can change on the first day of each month. The rate cannot increase or decrease more than 3.0 percentage points in any one year period. The maximum Annual Percentage Rate than can apply is 18% or the maximum permitted by law, whichever is less. However, under no circumstances will your Annual Percentage Rate go below 4.0% at any time during the plan.

The annual percentage rate is based on the value of an index. The index is Prime Rate published in the money rates column of the Wall Street Journal. As of June 21, 2010, Prime Rate is 3.25%.

How to Apply:

To apply, fill out HRCCU's on-line home equity loan application or call the credit union and speak to a loan specialist at 518-654-9028 or 800-824-0700.

                                                                                                                           Rev. 6/21/10