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.
Home Equity Loans
Fixed-rate as low as
7.75% APR
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.
TEGFCU Home Equity Loan Features:
Home Equity Line of Credit (HELOC)
Variable Rate As Low As
8.25% APR
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.
Features of a TEGFCU HELOC:
Home Equity Loan
Home Equity Loan
| Term | APR as low as | Notes |
|---|---|---|
| 0 to 5 Years | 7.75% | 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 Years | 8.25% | 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 Years | 8.50% | 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
| Term | Variable APR as low as |
|---|---|
| 10 year draw with up to 15 years to repay | 8.25% |
*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.
When is a Home Equity Loan or HELOC the right option?
Homeownership can be rewarding, personally and financially. When you’ve built up enough equity in your home, borrowing against it is a great way to achieve other long-term financial goals. Here are some effective ways to put a home equity loan or HELOC to work:
- Home renovations, additions, and improvements
- Debt consolidation
- Wedding expenses
- Emergency and medical expenses
- Investment capital for a new business venture
- Down payment on an investment property
Meet Our Loan Experts
Scott McNally
Mortgage Officer
NMLS# 1841508
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Kevin Arduino
Mortgage Officer
NMLS# 2514289
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
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.
Home Equity FAQs
Have additional questions? See our full list of Mortgage FAQs here.
Applying is Easy
Loan or Line of Credit?
Our mortgage specialists can help you decide which option is best for you.
Apply Online
Complete our quick and easy online application.
Close & Get Funds
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.
When we come together, everyone grows.
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.
