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Flex+ Revolving Line of Credit

Flex+ Revolving Line of Credit

When you choose our Flex+ home equity line of credit, you may be able to borrow up to 80% of the market value of your home, less any outstanding mortgage. For example, if your home's market value is $70,000 and you currently owe $25,000 on your mortgage, you may qualify for a $31,000 home equity line of credit. During the draw period, you may transfer all, or a portion of, the outstanding balance of the base account to a fixed-interest-rate loan for a fee. The interest rate for the fixed-interest-rate loan will be the interest rate in effect at that time for a fixed-interest-rate loan. As an added convenience, you may also select the term. Take advantage of this program and you will get the following features:

  • Flexibility of an open line of credit with affordable monthly payments
  • The minimum loan amount is $10,000
  • Variable annual interest rate for the line of credit: The highest Prime rate as published in the Wall Street Journal on the last business day of the month. Interest rate is based on Prime + 0% for the life of the loan (interest rate may change on a monthly basis)
  • When the outstanding balance is transferred to a fixed-interest-rate loan, for a fee, the interest rate will be the interest rate in effect at that time for fixed-interest-rate loans
  • The interest on a home equity line or loan may be tax deductible. Contact a tax advisor regarding the deductibility of interest

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. 

For more information, please call us at (607) 737-3793 or toll-free at (800) 836-3711 and ask to speak with a Home Equity Specialist. Homeowners hazard insurance required on all properties, and flood insurance is required on properties in flood zones.


**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.