A Second Mortgage...the Home Equity

Do you want an affordable, low rate solution to all your financial needs? Then a fixed rate home equity loan is for you!

Receive the funds you need for any worth­while purpose, with the potential for tax-de­ductible interest*.

*Consult your tax advisor regarding deduct­ible interest on your federal income taxes.

Fixed Term, Fixed Rate

Enjoy low fixed rates as well as a longer repayment term; a combination of both allows you to enjoy low monthly payments.

Qualifying Properties

Any one- or two-family, owner-occupied residential property can qualify for a fixed rate home equity loan. No commercial properties or residences that include a place of busi­ness can qualify. Residential zoned properties only. The property must be located on a publicly owned and maintained thoroughfare; right of way access is not allowed. Mobile homes or converted mobile homes are not eligible for this program.

Maximum Amount**

80% of appraised value minus first mortgage up to $100,000 with a maximum term of 10 years; 80% of appraised value minus first mortgage up to $100,000; or 70% of ap­praised value minus first mortgage up to $150,000. Maximum term of 15 years.

** LTV is subject to change based on property location and credit worthiness.

Minimum Amount

$5,000 - $25,000

Prepayment Penalty

None

Fees

Certain filing fees do apply

Areas Eligible for Lending

Counties of Broome, Cayuga, Chemung, Chenango, Cortland, Delaware, Jefferson, Madison, Oneida, Onondaga, Ontario, Oswego, Otsego, Schuyler, Seneca, Steuben, Tioga, Tompkins, and Yates in New York; counties of Bradford, Susquehanna, and Tioga in Pennsylvania.

Conditions

The Fixed Rate Home Equity Loan must be paid off if the property is sold by a transfer or by a land contract.