When you need extra cash, consider one of your lowest-cost resources – the equity in your home.

At Advantage, you’ll never be charged an application fee. You’ll never face a “balloon” payment of several thousand dollars. You’ll never be charged an “annual fee” for your loan, and there are no closing costs* on a home equity loan or line of credit.

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  • Home Equity Fixed Loan

    Fixed Rate

    Let the equity in your home work to your advantage.   A Fixed-Rate Home Equity Loan is probably the best choice to finance a large project or major remodel. With a closed-end loan, you’ll receive the entire loan amount at closing, and can choose from 5 to 15 years to pay it off. No closing costs.**

    • Fixed repayment term and schedule
    • Lower rate than most other types of loans
    • Fixed monthly payment
    • Choose from 5 to 15 years to repay
    • Loans from $7,500

    15 Year Fixed Rate Home Equity rates for loans that are in the 1st Lien Position are available at a lower rate. Please call for a quote.

    Loan Rates | Apply Now

    Home Equity Disclosures

    **Should you terminate your line for any reason prior to the third anniversary of the line, you will repay the credit union the third-party fees incurred to open the line. Hazard, flood, and title insurance, if applicable, are required on your property. A home equity line is secured by a mortgage on your home. Property must be owned for at least three months prior to application. All loans subject to credit approval.

  • Home Equity Line of Credit


    A Home Equity Line of Credit (HELOC)* gives you the flexibility to borrow funds as you need them. The line can be reused as it is paid down, without applying for a new loan. Using your line of credit is as easy as writing a check or making a simple online transfer. With ten years of revolving credit, your funds are available anytime up to your limit, and there are no annual fees and no closing costs.**

    An Advantage Home Equity Line of Credit (HELOC) offers:

    • Low introductory rate of 1.25% APR*
    • Low standard rate, based on Prime
    • Low monthly payments at super low rates
    • 10 years of revolving credit to access anytime for any reason up to your limit
    • 20 years after that to repay
    • Simply write checks from your HELOC or make an online transfer to your Advantage savings or checking account
    • No closing costs
    • Easily accessible line
    • No need to reapply during draw period
    • Lines from $7,500

    Your Advantage Home Equity Line of Credit gives you low-cost funds to pay for:

    • Home Improvement
    • Vehicle
    • Debt Consolidation
    • Vacation
    • Educational Expenses
    • And More!

    Loan Rates | Apply Now

    What you should know about Home Equity Lines of Credit

    Home Equity Disclosures

    **Should you terminate your line for any reason prior to the third anniversary of the line, you will repay the credit union the third-party fees incurred to open the line. Hazard, flood, and title insurance, if applicable, are required on your property. A home equity line is secured by a mortgage on your home. Property must be owned for at least three months prior to application. All loans subject to credit approval.

Calculating Loan Payment

For estimating payments on home equity loans, simply enter your loan amount, rate, and term (in months). For home equity lines, the rate will be 1.25% for the first six months and the payment will be calculated over 30 years (360 months) from your last advance during the draw period. After six billing cycles, your rate will increase to the Prime Rate which is 3.25% (as of March 18, 2020) minus 0.50% which will then be 2.75%. For estimating payments during the repayment period, you would use 240 months. Keep in mind that changes to the Prime Rate will change your rate and payment.

Calculating Equity

Use this calculator to determine the home equity loan or line of credit amount you may qualify for. The loan or line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


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  • What is equity?

    Equity is the difference between the market value of your home and the balances and credit limits of all mortgage liens on your property. If your home is worth $100,000 and you have a $90,000 first mortgage and no other liens, you would have $10,000 in equity.
  • So in the case of a $100,000 house, 90% would be $90,000. If I owe $90,000 on my first mortgage, I can’t get a loan at Advantage?

    You can’t get a home equity product from Advantage if you don’t meet our equity standards. Alternatively, you may qualify for a variety of other loan products to meet your needs, including competitively priced credit cards, home improvement loans, and debt consolidation loans.
  • Does that mean that I can get an Advantage equity product for $10,000?

    No. Advantage makes home equity loans and lines based on a percentage of market value. In most cases we will lend up to 90% of your home’s value, less your first mortgage balance. The loan-to-value (LTV) ratio that we will approve is dependent on a variety of factors, including your credit history, the condition of your property, and your loan term. In some instances the LTV ratio may be less. You also may qualify for a higher LTV on shorter term closed end loans.
  • What is the difference between a home equity loan and a home equity line of credit?

    A home equity loan is simply borrowing a set amount and repaying a set monthly payment.

    A home equity line of credit (HELOC) is where you are approved for a credit limit that you have available to you for a specified draw period.  You never need to apply to get funds during your draw period.

  • What are the terms of Advantage’s HELOC?

    There is a draw period of 10 years.  During the draw period, payments recalculate whenever you make a draw and are calculated using a 30 year amortization. After the draw period, your balance is payable of 20 years.  This makes the length of the agreement a total of 30 years.
  • So, my payments go up at the end of my draw period?

    They can.  It depends on the balance and the last time that you made a draw on the line.
  • Can I make payments more than the minimum?

    With loans and lines, you can always pay as much as you want over the minimum due, however the minimum payment and requirement to pay every month will not change no matter how much you pay. Keep in mind that if you pay a loan off, or close a line in the first three years, you will have to reimburse closing costs.
  • If I have a second mortgage, can I still get an Advantage home equity product?

    An Advantage home equity product needs to be a first or second mortgage. If you have an existing first and second mortgage you can use your Advantage loan or line to pay off your second mortgage.
  • If I have enough equity, is it guaranteed that I will get a loan/line from Advantage?

    No. All credit requests are subject to underwriting guidelines. You need to qualify in terms of your credit history, and your ability to afford monthly payments.
  • How does Advantage determine the market value of my home?

    We may inquire through a real estate valuation database or we may have an appraisal completed. The primary determinant of market value is the recent sale of homes like yours in the area.
  • I have a recent appraisal. Can you use it?

    No. Advantage has to manage the valuation process using our own data services and appraisers.
  • How much does it cost to get a home equity product from Advantage?

    We will pay all of the costs to complete your home equity transaction. We will ask you to sign an agreement indicating that you will reimburse us if you pay off your loan or close your line within three years of closing.
  • Can I get a home equity loan on my rental property?

    No. Advantage home equity products are restricted to an owner occupied, one-to-four-family primary residence or vacation home within the State of New York.
  • Why does Advantage ask the purpose of my request? Does it make any difference?

    We always like to get an idea of what your plans are for loan proceeds. It helps us to determine the best options for you, and it helps in the approval process, particularly if you are paying off debt or improving your house.
  • Is there anything else that I need to know about Advantage Equity products?

    Yes there is. Our products are highly competitive!  Our HELOC has a very low introductory rate and a very low regular rate, and very low payments.


The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Website (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this website.

Advantage Federal Credit Union
70 Metro Park
Rochester, NY 14623