Home Equity

Home Equity


If you are like many homeowners, you may have a substantial amount of equity accumulated in your home.

Equity is the difference between the present value of your home and the amount you owe, if any, on a mortgage. With our home equity options, we can give you an opportunity to use the valuable equity you have accumulated.

There are several other reasons to consider a home equity line or loan.

  • It's convenient.
  • The interest on a home equity line or loan may be tax deductible. Contact a tax advisor regarding the deductibility of interest.
  • There are no closing costs as long as you maintain the account for at least 3 years.
  • Repayment options offer flexibility.

Learn more about our home equity programs and which one is best for you!

Homeowners hazard insurance required on all properties, and flood insurance is required on properties in flood zones.

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 and ask to speak with a Home Equity Specialist.


*APR = Annual Percentage Rate. Minimum line of $10,000 required. The APR will be 2.00% through 3/31/2014. Beginning on 4/1/2014, the APR will adjust to the highest Prime Rate published in the Wall Street Journal on the last business day of the prior month. Assuming no change in the current Prime Rate, the APR after 3/31/2014 would be 4.00%. The lifetime cap for the line of credit is guaranteed not to exceed 16.0% APR, with a floor of 4.00% APR. You will be required to reimburse Chemung Canal certain fees paid to third parties if it is terminated within three years after the opening date. These can be as low as $75.99 for a $10,000 credit line or as high as $1,499.99 for a $200,000 credit line. Collateral mortgage required to be filed. Subject to credit approval. Interest rates and programs subject to change without notice. Consult your tax advisor for more information regarding the deductibility of interest and fees.

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