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Home Equity

Home Equity

Many homeowners have a substantial amount of equity accumulated in their 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.

Home Equity Line of Credit Special Offer!

For a limited time, we are offering a low 3.30% APR** introductory rate for new home equity lines of credit. You must have a minimum of 700 credit score. 


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

Homeowners hazard insurance is 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. 

All loans require a collateral mortgage be filed. All loans subject to credit approval.  Closing costs vary depending on many factors, including loan amount, interest rate, term, and many others.  Please contact us at the numbers above for more details.   

**APR = Annual Percentage Rate.  Minimum line of $10,000 required – subject to credit approval.  The APR will be 3.30% for the first 12 months from the closing date of the line.  After 12 months, 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 as of September 20, 2019, the APR after 12 months would be 5.00%.  The lifetime cap for the line of credit is guaranteed not to exceed 16.00% APR, with a floor of 4.00% APR.  You will be required to reimburse Chemung Canal certain fees paid to third parties if the line is terminated within three years of the opening date.  These can be as low as $590.50 for a $10,000 credit line or as high as $1,540.50 for a $200,000 credit line.  Collateral mortgage required to be filed.  Consult your tax adviser for more information regarding the potential deductibility of interest and fees.