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Loans & Credit Cards

Home Equity Loans & Lines of Credit

Maximize the equity in your home with Sperry! Both our Home Equity Loan or our Home Equity Line of Credit (HELOC) can help you cover major expenses such as home repairs, medical bills, or a college education.

With a Home Equity Loan and Home Equity Line of Credit, you borrow against the equity in your home - the difference between the value of your home and your current mortgage balance. Plus, the interest payments on a Home Equity Loan may be tax-deductible*.

THERE ARE NO FEES ON LONG ISLAND OWNER OCCUPIED PROPERTIES ON LOANS UP TO $350,000!*

  • Loans over $200,000 require an appraisal, paid for by applicant.  Applicant pays applicable portion of closing costs for loans over $350,000.
  • If credit line is closed within 36 months of opening, or if the home equity loan is paid off within 36 months, all closing costs waived and/or paid by Sperry FCU will be added to the loan payoff.
  • Loans available for properties in NY, NJ, PA, MD, DE and VA.
  • Available on 1-4 family residential properties and vacation homes. Other programs available for non-owner occupied residential properties.

Home Equity Loan*

Our Home Equity Loan is a fixed-rate loan that provides you with fast, convenient funding.  We call it Equity Express!

  • Fixed rate
  • Terms up to 30 years
  • Loan amounts up to $35,000-$500,000
  • Loans available up to 80% LTV
  • Monthly member statements
  • 24/7 account access with our Free Online Banking or Free Mobile Banking App

Apply for a Home Equity Loan Here!

Home Equity Line of Credit (HELOC)**

Access the money you need, when you need it and pay interest only on the amount you owe while in the draw period.  Be prepared for the unexpected with an affordable and flexible solution.  Our HELOC is a great option for immediate access to large sums of cash whenever you need it.  Plus, you can use your line of credit all at once or a little at a time – you decide.

  • Low-fixed introductory rate - CURRENTLY 2.99% APR FOR 15 MONTHS
  • Variable rate
  • 10 year draw period with extension options available
  • Interest only payments for the first 10 years, then a 15 year payback schedule
  • Loan amounts up to $350,000
  • Loans available up to 75% LTV
  • Minimum balance requirements (see Rates page)
  • 24/7 account access with our Free Online Banking or Free Mobile Banking App

Apply for a HELOC Here!

 

* Please consult a tax professional regarding your personal financial situation. Home Equity rates and terms accurate as of 3/15/2019 and are subject to change without notice.

All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan-to-value restrictions apply. Rates shown are the lowest rates offered for that respective term. Other rates and terms are available. Loans and lines over $200,000 require a professional appraisal paid by borrower. Published rates and terms based on primary homes. $5.00 minimum share account required. Membership conditions apply. Consult a tax professional regarding the potential tax deductibility of your interest payments and charges. Hazard insurance is required on all loans secured by real property; flood insurance may also be required.

Home Equity Loans: 30 year maximum term on 1st lien position only. 20 year maximum term on 2nd lien position. Loans over $350k, borrower pays closing costs for portion over $350k. Closing costs paid by Sperry must be repaid by the borrower(s) if loan is paid off within first 36 months.

**Home Equity Lines of Credit (HELOC) is a variable rate product with a rate not to exceed maximum legal limit for Federal Credit Unions (currently 18%). Rates are based on Prime Rate +/- agreed upon margin. Introductory HELOC Rate is fixed for the first 15 months, and then HELOC rate is variable for the life of the loan including remaining draw period and repayment term. The floor APR is 4.00%. Lines from $35,000 to $100,000 require a minimum initial advance of $25,000. Member must maintain minimum balance for 24 months or will be charged $75 for each month balance falls under minimum. Lines from $100,000.01 - $200,000 require a minimum initial advance of $35,000. Member must maintain minimum balance for 24 months or will be charged $100 for each month balance falls under minimum. Lines of $200,000.01 or more require a minimum initial advance of $50,000. Member must maintain minimum balance for 24 months or will be charged $150 for each month balance falls under minimum. Lines closed within 36 months of origination will be charged for any waived closing costs.

  • Equal Housing Lender
  • NCUANCUA
  • Norton by Symantec