Home Equity Loan

Home Equity Loan
Update, renovate, consolidate. Improve the life of your home and the lives within with an OCFCU Home Equity Loan. Plus, with a low fixed rate1 and no closing costs it’s more affordable than you think. Give your home or your finances an easy refresh.

Apply For a Home Equity Loan

Learn More About "How to Apply"

Features & Benefits
With a Home Equity Loan from OCFCU, you can borrow from the available equity in your home. That’s why it’s such an affordable form of financing.

    • Low, fixed interest rate for the life of the loan.
    • Predictable monthly payments.
    • No application fee, points, closing costs, or annual fees.
    • Borrow up to 90% of your home’s value.
    • A variety of payment options.
    • No prepayment penalty.

Home Eligibility

    • You may be eligible if you own and occupy a 1-2 unit primary residence or condominium in the state of New York.

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 Loan-to-Value (LTV) ratio.
    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.

View Home Equity Calculators

Loan Amounts

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

Loan Term

    • Up to 15 years

Interest Rate: Annual Percentage Rate (APR) 

    • Fixed Annual Percentage Rate.
    • You will receive your loan rate at application OR at approval, depending on which rate is lower.
    • Your rate will be subject to a credit evaluation. 
    • Rates are subject to change.

Collateral/Lien Position

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

Payment Options

    • Automatic transfer from your OCFCU savings or checking account
    • OCFCU branch
    • OCFCU online or mobile banking

Other Payment Information

    • Payment due date is determined when loan is disbursed.
    • There are no prepayment penalties.

Home Equity Loan Rates 

Payment Examples:

    • Loan of $10,000.00 at an Annual Percentage Rate of 4.50%.
      Payment of $185.33 paid monthly.

Home Equity Loan

    • 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.

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