Home Equity Line of Credit

A line of credit gives you flexible borrowing power to use what you need when you need it.  Access easily on your time through your checking account and only pay interest on the amount you use.

Advance Requirement
No Advance Required at Closing

Pre-Payment Penalty
None

Benefits
Same Rate for All Credit Scores
Fastest Turnaround in Town
No Closing Costs for Up to 80% Combined Loan to Value (CLTV) 
Borrow Up to $250,000
No Pre-Payment Penalty
No Application Fee
No Annual Fee
Unlocks Thanku Discount Elibigility

Interest Rate
Variable

Term
Up to 30 Years

Draw Period
10 Years (included in repayment term)

Loan Limit Amount
Up to $250,000

Maximum Loan to Value (CLTV)
100%

RATES

Home Equity Line of Credit:  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 can change monthly and is based on the index plus a margin.  As of 4/30/2026, the Prime Rate was 6.75% APR (Annual Percentage Rate). The rate will be adjusted to the highest Prime Rate as published in the Wall Street Journal on the last day of every month plus the margin.  Closing costs including title search, attorney’s fee, appraisal fee and recording fee will be paid by Saratoga Federal on behalf of the borrower through this promotion.  Borrower will be required to pay the New York State Mortgage tax and an origination fee if applicable.  An origination fee of 1% of the loan amount will apply to Home Equity Lines of Credit with a combined loan to value (CLTV) above 80% or if the term is over 20 years.  Terms up to 30 years are available for 1st position liens only. Terms for second position liens may go up to 25 years.