Home Equity Line of Credit

"Serving the Saratoga
Community since 1945"

Saratoga's Community Federal Credit Union

SCFCU offers two Home Equity Line of Credit options. Both with share draft (checking) account access. Each line of credit feature allows you to establish a limit you are comfortable with, and then draw on as the need arises. A great loan for college tuition and on going home improvements.

Fixed Rate Option

Loan Terms: 10 Year, 15 Year, 20 Year

Current Rates: (Click Here)

Draw Period: 5 Years (included in repayment term)

More Details: (Click Here or scroll down)

Variable Rate Option

Loan Term: 20 Year Repayment

Current Rate: (Click Here)

Draw Period: 10 Years (included in repayment term)

Variable Rate Feature: This plan has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum payment may change as a result. The annual percentage rate includes only interest and no other costs. The initial annual percentage rate is "discounted" and will be in effect for 6 months. The annual percentage rate can change semi-annually on each six month anniversary date of opening the Plan and is based on the index.
Current discounted rate 3.99% (daily periodic rate 0.010932%), Thereafter, Prime Rate
+ 0% for Life, (refer to our Home Equity Early Disclosure provided at time of application for complete details). As of 05/1/08 the Prime Rate was 5.00% APR (Annual Percentage Rate). The rate will be adjusted to the Prime Rate as published in the Wall Street Journal 30 days prior to the interest rate adjustment.

Limit on Interest Rate Change: The rate cannot increase or decrease more than 2% in any one year period. The initial discount rate will not be taken into account in applying this periodic rate cap.

Lifetime Cap: The maximum Annual Percentage Rate that can apply is 15.00% or the maximum permitted by law, which is ever less.

Interest Rate Change: The interest rate is subject to change semi-annually on each six month anniversary date of opening the Plan and is based on the index

More Details: (Click Here or scroll down)

Other Qualifying Guidelines and Features on Both Programs

Eligible Properties: 1 - 2 family owner occupied as primary residence only

Geographic Areas: Only properties located in the following counties will be considered:
1. Albany 2. Fulton 3. Montgomery 4. Rensselaer 5. Saratoga 6. Schenectady
7. Warren 8. Washington

Loan Limits: Minimum - $10,000.00 Maximum - $150,000.00

Preferred Rate Option: You may be entitled to initially receive an additional (.25%) discount if the credit union is in the first lien holder's position. This discount would be added back to the loan if we are asked to subordinate our lien holder's position.

Closing Costs: Saratoga's Community Federal Credit Union will pay all closing costs, on your behalf except NY State Mortgage Tax. The calculation is .75% of the line of credit limit established.

Maximum Loan to Value: First mortgage balance plus proposed home equity line of credit limit cannot exceed 80% of appraised value.

Advances: Initial advance required at closing: 25% of the established limit , Subsequent advances $250.00 minimum

Accessing Credit Line: Share Draft Account, or advance voucher request

Prepayment Penalty: None