If you own your home, take advantage of the equity in it with a New York University Federal Credit Union variable rate home equity fixed loan or 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 Fixed Rate Loan

  • Loan amounts from $50,000 to $250,000

  • Line available up to 75% of appraised value minus balance of first mortgage

  • 5 Year Term - 4.875%, 10 Year Term - 5%

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 - 5.25%

  • 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 8/1/2019 is 5.25%*