HOME EQUITY LINE OF CREDIT

If you own your home, take advantage of the equity in it with a New York University Federal Credit Union variable rate home equity line-of-credit. It’s simple, fast, and convenient. *NYU FCU share account is required for all loans.

  • Closing Cost - Members responsibility.
  • Setup Fees - Charged if loan is terminated for any reason within first two years
  • Primary Homes: House, COOP and Condo (no rental properties, mobile homes and mixed use properties).

Home Equity Line of Credit

  • Loan amounts from $50,000 to $250,000
  • Line available up to 75% of appraised value minus balance of first mortgage.
  • Low adjustable rate of Prime Rate for the life of the loan.
  • Easy access during the five-year draw period with a repayment term of 15 years.

Home Equity Loan Application Restrictions/Guidelines

The following applies to Variable Rate Home Equity Line Of Credit (HELOC):

  • Maximum Loan Amount - $250,000.
  • Maximum Loan to Value (LTV) - 75%
  • Rate Adjustment Variable - Adjustments made on the 1st of each quarter.
  • Index - Prime rate.
  • Life Cap - 16% APR*.
  • Floor - 5.00%
  • Draw Period - 5 years

Index Source - Highest Prime Rate quoted in the Wall Street Journal on the 25th or next business day of the previous month.

Credit Score Credit Tier Rate* Max Amount
780 and above A+ Prime Rate $250,000
700-779 A Prime Rate +0.5% $250,000
650-699 B Prime Rate +1.00% $250,000
600-649 C Prime Rate +2.00% $250,000
550-599 D Prime Rate +3.00% $250,000

Index Source - Highest Prime Rate quoted in the Wall Street Journal on the 25th or next business day of the previous month.

*Rates are variable Quarterly, tied to the Prime Rate published in the Wall Street Journal, and adjusts on the first day of the quarter. Rate is not to exceed 16%. Current Prime Rate effective 6/14/2018 is 5.00%*