Home Equity Line of Credit
Go ahead, leverage the equity you've earned.
Home Equity Line of Credit
Got at least two years of payments on a Maspeth Federal Savings mortgage or own your property free and clear? Go ahead and apply for a HELOC – and leverage your home equity to pay for home improvements, tuition bills or anything else life throws your way.
What's a HELOC?
A home equity line of credit (HELOC) lets you borrow against the equity you build up in your home. You draw on the line up to a credit limit, then repay the principal and draw again. Once the draw period ends (typically 10 years), the repayment period begins. HELOCs usually have a variable interest rate1 so your payments may fluctuate from month to month.
Features & Benefits
- Borrow up to 70% of your home’s combined loan-to-value (CLTV)*
- Revolving credit that gives you easy access to funds when you need them – and if something unexpected happens too
- Varied monthly payments based on the amount you draw and Prime Rate1
- Pay interest only on what you borrow during the draw period
- Closing costs subject to reimbursement if loan closed or paid off within three years
View Current Rates
Effective Date: 10/15/2024
| Prime Rate1 | Maximum Term | Minimum Loan Amount |
|---|---|---|
| 8.00% | 10-year draw period/20-year repayment period | $25,000 |
View Rate Disclosure
1Rate is based on the New York Times Prime Rate. The maximum APR is 15.00% and the minimum APR is 5.00%. The maximum allowable line amount; combined DTI cannot exceed 43%. Property insurance is required, and flood insurance may be required. You should consult with a tax advisor about the deductibility of interest paid on your home equity line of credit.
*Available to properties located in the five NYC boroughs (Manhattan, Queens, Brooklyn, Bronx and Staten Island) and Nassau, Suffolk and Westchester Counties. Applicant must have an existing mortgage with Maspeth Federal Savings for at least two years or own the property free and clear. Property must be owner-occupied 1- to 4-family home, condominium or coop. Subject to loan-to-value (LTV) ratio and debt-to-income (DTI) ratio. Closing costs subject to reimbursement if HELOC is satisfied within 3 years. Loan products and services subject to approval. Rates, terms and conditions are subject to change without notice. No minimum draw amount; subject to 24-month activity review.
Rates are for informational purposes only and are not binding until a formal commitment has been issued. Maspeth Federal Savings is an Equal Housing & Equal Opportunity Lender and generates loans without regard to race, color, religion, national origin, sex including gender, gender identity, sexual orientation and disability.
Additional Services and Resources
Meet the Lenders
Our mortgage lenders know the local market and will work with you to find a solution that fits your budget and lines up with your financial goals.
Vicky Kulma
Vice President & Mortgage Origination Manager, NMLS#641258
Phone: 718-651-7888
Email: vkulma@maspethfederal.com
William Wong
Vice President & Assistant Mortgage Origination Manager,NMLS#1209056
Phone: (718) 651-7888
Email: wwong@maspethfederal.com
Dorota Jankowski
Senior Bank Officer & Mortgage Origination Supervisor, NMLS#677545
Phone: (718) 651-7888
What's it like to Bank Maspeth?
See what our members have to say.
“Maspeth has been an icon for the business and residential sectors as well as for the families and community groups that are the foundation of any community."
- Paul-Michael K.
