Skip to content
Home / Home Equity Loans & Lines of Credit (HELOC)

Home Equity Loans & Lines of Credit (HELOC)

TEGFCU Mortgages icon

You’ve invested a lot in your home. It’s time for your home to give back to you.

At TEG Federal Credit Union, we’re all about helping you leverage the value you’ve built in your home. You’ve put in the effort to increase your home’s equity; now it’s time to see the rewards. Choose from two excellent options: a Home Equity Loan or a HELOC from TEGFCU, each designed with your needs in mind. Let’s discover how you can use that equity for something special together. We’re more than just a financial institution; we’re your allies in turning dreams into reality. Find a Loan Officer, or drop by, and let’s discuss how you can make the most of the equity you’ve worked so hard to build.

Fixed-rate as low as

Home Equity Loans are ideal for expenses with established budgets and timelines, as the funds are dispersed in a lump sum. They also come at a fixed rate, offering more predictability. You’ll know the exact amount of each payment for the life of your loan.

Loan amounts from $25,000 – $250,000 or more

Terms up to 15 years

Low fixed interest rate

No closing costs

Variable Rate As Low As

A Home Equity Line of Credit is your return on the investment in your home. You use your home’s equity to put cash on hand for whatever you want, whenever you need it. HELOCs can be an excellent choice for ongoing expenses or projects that can take time to complete. This option gives borrowers the flexibility to draw funds as needed. Additionally, HELOCs usually come with an adjustable interest rate, so you’ll only pay interest on the money you use.

Credit lines from $25,000 – $250,000 or more

Initial advance of $5,000, no minimum for subsequent advances

Funds accessible by transfer and in-person requests

Draw period up to 10 years

Repayment period up to 15 years

Variable interest rate

No closing costs

Home Equity Loan

Home Equity Loan

TermAPR as low asNotes
0 to 5 Years7.75%
Payment Example: A 60-month term with a fixed rate of 7.75% APR would result in an estimated payment of $20.16 for each $1,000 financed.
6 to 10 Years8.25%
Payment Example: A 120-month term with a fixed rate of 8.25% APR would result in an estimated payment of $12.27 for each $1,000 financed.
11 to 15 Years8.50%
Payment Example: A 180-month term with a fixed rate of 8.50% APR would result in an estimated payment of $9.85 for each $1,000 financed.

*APR = Annual Percentage Rate. Rates effective as of 7/27/23. All loans are subject to approval. The home equity loan rate is fixed for the duration of the loan and is based on a loan for an owner-occupied (primary residence), single-family dwelling in New York with a loan-to-value ratio of 80% or less). All loans are subject to property valuation. Property insurance is required, and flood insurance may be required. The advertised rate is the lowest offered and is subject to change. APR is based on creditworthiness, loan amount, and term. Your rate may vary. Terms up to 15 years. The minimum loan amount is $25,000, and the maximum is $250,000. There are no closing costs. If the loan is paid in full within 36 months, the borrower will be responsible for paying $750 in closing cost recapture. An upfront appraisal fee may be required, which will be refunded at closing. The borrower is responsible for prepaid items, including interest, taxes, and insurance, if applicable. Payment example: A $50,000 loan with an APR of 7.75% for 180 months will have a monthly payment of $XXX.XX. Contact a mortgage officerfor more info.

Home Equity Line of Credit

Home Equity Line of Credit

TermVariable APR as low as
10 year draw with up to 15 years to repay8.25%

*APR = Annual Percentage Rate. All financing is subject to approval. The variable rate APR on home equity lines of credit may vary monthly based on the latest U.S. Prime Rate published in the Wall Street Journal plus a margin (the Prime Rate is 8.50% as of 7/27/23).  The advertised rate is the lowest offered. The maximum APR is 18.00%. Your rate may vary based on your creditworthiness and Loan-to-Value (LTV). Draw period up to 10 years. The repayment period is up to 15 years. Minimum credit line $25,000. HELOCs are subject to property valuation. Based on a property value, TEGFCU will lend up to a competitive percentage of the combined LTV. Initial advance of $5,000, no minimum for subsequent advances. The minimum payment during the draw period is interest only. There are no closing costs or annual fees. If the credit line is paid in full within 36 months, the borrower will be responsible for paying $750 in closing cost recapture. An upfront appraisal fee may be required, which will be refunded at closing. Property insurance is required, and flood insurance may be required. Contact a mortgage officer for more info.

A young couple applies for a conventional vs fha loan.

Matthew Bannan

SENIOR MORTGAGE OFFICER

NMLS# 404022
Jessica Schoen headshot

Jessica Schoen

Senior Mortgage Officer

NMLS# 22486
Scott McNally headshot

Scott McNally

Mortgage Officer

NMLS# 1841508

Darren Dibenedetto

Senior Mortgage Officer

NMLS# 404038
Jeffrey Shields headshot

Jeffrey Shields

Mortgage Officer

NMLS# 1466211
quote mark

JJ made our HELOC loan process run smoothly. From start to finish he kept us informed of the progress of the loan and answered all the questions we had during the process. He even followed up after the closing to check how it went. I would not hesitate to recommend TEG.

H. Jennings

What’s the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?

Home Equity Loans provide a lump sum loan payout, so they’re best for expenses with established budgets and timelines. They come with a fixed interest rate, and interest is charged starting with the first loan payment.

Home Equity Lines of Credit (HELOCs) are revolving credit lines used to pay for things over time, so they’re ideal for ongoing expenses or those with evolving budgets. HELOCs usually come with an adjustable interest rate, and you only pay interest on the money you use.

How much money can I borrow with these loans?

TEGFCU Home Equity Loans and Home Equity Lines of Credit are available starting from $25,000. We offer home equity loans/lines of credit up to a competitive percentage of appraised value. Amounts may vary as they’re determined by a competitive combined loan-to-value (CLTV) ratio that’s based on the property evaluation.

Are there tax advantages with a HELOC or Home Equity Loan?

The interest you pay on the loan may be tax-deductible. But it’s always best to consult with an accountant or tax professional.

Have additional questions? See our full list of Mortgage FAQs here.

Our mortgage specialists can help you decide which option is best for you.

Complete our quick and easy online application.

Get the money you need 3 days after closing.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.

Home Mortgage Disclosure Act Notice : The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s Web site www.consumerfinance.gov/hmda.

You are now leaving TEG Federal Credit Union

Modal called incorrectly.