Home Equity Line of Credit

Update, renovate, consolidate. Improve your life of your home and the lives within with an OCFCU Home Equity Line of Credit (HELOC). Plus, with no closing costs2 it’s more affordable than you think. Give your home or your finances an easy refresh. Apply for a Home Equity Line of Credit today!

Apply For a Home Equity Line of credit 

Learn More About "How to Apply"

Features & Benefits
An OCFCU Home Equity Line of Credit lets you borrow from the available equity in your home. Because it’s a revolving line of credit, you can access the money in your line at any time up to your available credit limit.

    • Low variable interest rate.
    • No application fee, points, closing costs,2 or annual fees.
    • Borrow up to 90% of your loan-to-value.
    • Easily access your line of credit online, by phone, in branch, or by writing a check.
    • A variety of payment options.
    • Prepayment penalties may apply2.

Home Eligibility

    • Owner-occupied 1-2 unit primary residences or condominium in the state of New York may be eligible for an OCFCU Home Equity Line of Credit.

Ineligible Properties

    • Cooperative housing (co-ops), property used for agriculture, farming or commercial enterprise; vacant land; investment property; and multi-family properties (3+ units) are ineligible.

Total Loan-to-Value Ratio

    1. Borrow up to 90% of your home’s value.
    2. To calculate the maximum you can borrow, multiply 90% times the appraised property value.
    3. Then subtract the total of all outstanding liens on the property.
    4. That is how much you can borrow up to.

Loan Amounts:

    • Minimum: $5,000
    • Maximum: $250,000

How to Access Your Home Equity Funds

    • You can easily access your available funds through an online banking transfer to an OCFCU checking or savings account or by writing a Home Equity Line of Credit check.
    • You can also transfer money by calling or texting 315.343.7822 or at any branch.

Loan Term

    • Access your money whenever you want for the first 5 years.
    • 10-year repayment period – Year 6 to Year 15 – to repay the outstanding balance. Funds cannot be accessed during this period.
    • 15-year total term.

Interest Rate: Annual Percentage Rate (APR) 

    • Variable rate based on the Prime Rate published in The Wall Street Journal (may include a margin).
    • Your rate could change monthly.
    • Your rate will never exceed 15.00% APR1 during the life of the loan.
    • Variable rates shown are for lines of credit that will vary based on the available equity in your home.

Collateral/Lien Position

    • A mortgage lien equal to the amount of your line of credit will be placed on your property and act as collateral.
    • OCFCU accepts 1st or 2nd lien position only. 

Minimum Payment

    • Variable payments equal to the monthly principal and interest amortized over 15 years plus insurance and applicable fees.
    • Payment due monthly.

Payment Options

    • Automatic pay from your OCFCU savings or checking account
    • OCFCU branch
    • OCFCU online banking or mobile banking
    • OCFCU Text Concierge

Note: Prepayment penalties may apply2.

Home Equity Line of Credit



TO 80% LTV

TO 90% LTV




Prime + .25




Prime + .25



Prime + .25

Prime + .50



Prime + 1

Prime + 2



Prime + 2


549 or less


Prime + 3



  • Rates are based on Prime rate
  • There is a discounted rate for every new HELOC of 3.25% APR1 for one year of the origination date
  • Maximum APR1 that may be imposed in a variable-rate plan = 15.00% APR1
  • Property Insurance is required
  • Low-cost disability and credit life insurance are available

Home Equity Line of Credit
Late fees of $25 is charged if we do not receive the full monthly payment 15 calendar days after the scheduled due date.




1. APR = Annual Percentage Rate. Rates subject to approval.

2. Home Equity Line of Credit must be open for at least 3 years or the member may be obligated to reimburse a portion of closing costs.

The HMDA data about our residential mortgage lending is available for review. The data shows geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be inspected. To receive a copy of this data, send a written request to the credit union at PO Box 310, Oswego, NY 13126.

Equal Housing Lender | NMLS# 758591