Home Equity

Home Equity in Carthage, Clayton, and Watertown, NY

You may have heard of home equity loans and lines of credit, but do you know how it works or if it could be the right option for you? Learn more about your options and competitive rates with Carthage Savings.

Take advantage of our current HELOC Special 1.99% INTRODUCTORY *APR through 12/31/17

APR will change to a variable rate of prime + 0% on 1/01/18. ***Prime is 4.00% as of 3/17/17.

Competitive rates for several ongoing or long-term needs:

    • Education expenses
    • Major life events
    • Home remodel projects
    • Family vacation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*
  • Revolving credit – available balance replenishes as you pay down principal
  • Funds available anytime without reapplying; apply once, then use as needed thereafter
    • Funds conveniently available via check or can be transferred via Online Banking into a Carthage Savings checking account
  • Local decision-making and processing right here in the North Country
  • Attentive, friendly service from start to finish

HEMLOC-*1.99% introductory APR (Annual Percentage Rate) through 12/31/17. APR will change to a variable rate of prime + 0% on 1/01/18. ***Prime is 4.00% as of 3/17/17. Floor rate is 4.0%. Rate cap: 13.50%. You may at any time convert a portion of your line to a fixed rate for a specified period of time up to 10 years. You will need to contact the Association to determine your rate based upon the terms requested. **No closing costs means CFS&L will pay normal closing fees including title search and NYS mortgage tax and filing fees. Abstract of title must be provided by borrower. These fees typically range from $200-$750 plus NYS mortgage tax equal to 1/2% to 1% of the mortgage. At CFS&L's discretion, tax assessment will be used to determine property value, however, if an appraisal is required, the borrower will be responsible for this cost. Borrowers are responsible to reimburse CFS&L if loan is paid off and mortgage is discharged within 3 years of closing. All loans are subject to complete qualification of borrowers and subject property. Valid on NEW loans only.

 

*Consult a tax advisor. 

What Is a Home Equity Loan?

A home equity loan is a lump sum that is loaned based on the equity you own in your home. Your equity is simply the appraised value of your home minus the amount owed on your mortgage. If you've paid off a substantial portion of your mortgage, your home's value has increased, or a combination of the two, your equity can be used as collateral for a loan. This type of loan carries a fixed interest rate and a specific repayment period, so the monthly payments remain constant throughout the repayment of the loan.

Home equity lines of credit, or HELOCs, are a similar concept. Rather than a lump sum, they provide a line of credit that you can draw from as needed, through checks or a credit card. Home equity lines of credit use a variable interest rate, not a fixed interest rate. HELOCs have a predetermined draw period during which you can use the credit, after which repayment begins.

What Are the Benefits?

A home equity loan or line of credit can provide an influx of cash at a substantially lower rate than credit cards or other consumer loans. Better yet, since it is considered mortgage interest, the interest you pay on these loans is usually deductible from your taxable income. Many find home equity loans useful for providing liquidity for investments like renovation, which can increase home value and add to future equity. Home equity can be used in lieu of traditional student loans to lessen the interest on education costs. This type of loan can even be used to provide retirement income in years that investment returns don't meet your income needs. At Carthage Savings, repayment structures are designed uniquely for your convenience, and we provide trusted, locally based service for your questions and concerns.

How Do I Apply?

If a home equity loan or line of credit is right for you, apply now via our quick and easy online application, or visit a local loan specialist at one of our convenient branches.

Home Equity Loans
  • Competitive rates for several short-term or one-time needs:
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*
  • Local decision-making and processing right here in the North Country
  • Attentive, friendly service from start to finish

 

*Consult a tax advisor. 

Home Equity Lines of Credit

Take advantage of our current HELOC Special
1.99% INTRODUCTORY *APR
through 12/31/17

Competitive rates for several ongoing or long-term needs:

    • Education expenses
    • Major life events
    • Home remodel projects
    • Family vacation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*
  • Revolving credit – available balance replenishes as you pay down principal
  • Funds available anytime without reapplying; apply once, then use as needed thereafter
    • Funds conveniently available via check or can be transferred via Online Banking into a Carthage Savings checking account
  • Local decision-making and processing right here in the North Country
  • Attentive, friendly service from start to finish

HEMLOC-*1.99% introductory APR (Annual Percentage Rate) through 12/31/17. APR will change to a variable rate of prime + 0% on 1/01/18. ***Prime is 4.00% as of 3/17/17. Floor rate is 4.0%. Rate cap: 13.50%. You may at any time convert a portion of your line to a fixed rate for a specified period of time up to 10 years. You will need to contact the Association to determine your rate based upon the terms requested. **No closing costs means CFS&L will pay normal closing fees including title search and NYS mortgage tax and filing fees. Abstract of title must be provided by borrower. These fees typically range from $200-$750 plus NYS mortgage tax equal to 1/2% to 1% of the mortgage. At CFS&L's discretion, tax assessment will be used to determine property value, however, if an appraisal is required, the borrower will be responsible for this cost. Borrowers are responsible to reimburse CFS&L if loan is paid off and mortgage is discharged within 3 years of closing. All loans are subject to complete qualification of borrowers and subject property. Valid on NEW loans only.

 

*Consult a tax advisor. 

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