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Home Equity Loan

Discover your loan options by leveraging the equity you have accumulated.

Maximize the Benefits of Your Home Equity NY TEAM FCU offers Home Equity solutions that can be a game-changer for funding home renovations, consolidating debt, or financing major purchases. Home equity is the net value of your home after deducting the outstanding mortgage balance. A home equity loan is a smart way to leverage this equity and simplify debt repayment. With a home equity loan, you can renovate or upgrade your home, consolidate debt, or purchase a vehicle. NY TEAM FCU’s proficient team can assist you in obtaining a home equity loan for your primary residence. This option is perfect for those who want to fund home improvements, landscaping, emergency repairs, weddings, medical expenses, college tuition, or consolidate high-interest credit card debt. Furthermore, a home equity loan can provide endless possibilities if you are looking to lower monthly payments or finance a large purchase. Trust us to help you unlock the potential of your home equity.

Open your home equity in a few steps.

Apply for your loan

Submit your application online or in a branch and find out what rate you qualify for.

Submit documents and get an appraisal

To process the loan, we’ll need proof of income and property details. We’ll also order a appraisal and title search on your property.

Get your funds

Once approved, we can set your closing! After closing you are required to wait 3 days for your funds to be deposited. You can access your funds from your NY TEAM FCU account.

Home Equity Loan Information

Our Home Equity Loan is a fixed-rate up to twenty-year loan. Payments are fixed for the life-of-the-loan.

Property Specifics: Loans are available on 1 to 4 family properties. All properties will be primary residence and occupied by the owner/member. New York State Only, Owner/Member must be listed on deed.

Documents needed for a Home Equity Loan:

  • 2 Recent Paystubs for Primary and Joint Applicant
  • Copy of Last Tax Bill
  • Copy of Deed
  • Last Two years of W2’s from Primary and Joint Applicant
  • Home Owners Insurance Binder listing:
    (Loss of Payee)
    65 Broadway Hicksville, NY 11801
The maximum Home Equity Loan Amount cannot be more than 75% of the property value.
Minimum Home Equity Loan Amount$25,000.00
Minimum Home Equity No Closing Cost* Option Loan$60,000.00
Maximum Loan Amount $600,000, 75% LTV

Get Pre-Approved for a Home Equity Loan!

Apply Online with Home Banking

Visit a Branch

Call us 516.822.1070

*No closing costs on All Home Equities above $60.000. All loans less than less $59,999.99 will receive a $1,500.00 credit towards their closing costs. If a Home Equity loan is paid off prior to five years the Member will need to reimburse the Credit Union for the closing costs or closing cost credit they received.

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