What is the difference between a Home Equity Line of Credit and a Home Equity Loan?

Think of a Home Equity Line of Credit as you would a credit card. As you make payments during the draw period, that amount then becomes available for you to use. Interest and monthly payment are calculated only on the amount that you have used. For example, if you are approved for a credit line of $100,000 but use only $50,000, your interest and payments will be calculated based on the $50,000. However, with a Home Equity Loan, you get the full amount approved at funding, and interest and payments are based on that total loan amount.

Are there any closing costs or fees?

There are no closing costs, no points, no annual fee, excluding mortgage tax, recording fees, and any fee in conjunction with a previous loan, as long as you draw at least $25,000 at the funding of the loan and as long as you do not pay off, close the loan, or reduce the principal to $10,000 or less within the first six months.  Members are responsible for the cost of appraisal.  An application deposit of five hundred dollars is paid by you after all early disclosures have been received by you,  this will be reimbursed if the Home Equity Line closes and funds.  The deposit is not refundable if any of the following apply:  you withdraw the application, the appraised value of the property is too low to support the loan, or you do not draw at least twenty-five thousand dollars ($25,000.00) at the initial funding of the Line of Credit.   There will be a recapture fee of $1,000 if you pay off the loan within the first six months. Rates and fees are subject to change. Please verify current fees and rates.

How does the program work?

ActorsFCU’s Home Equity Line of Credit Program is processed through a credit card program. Once the loan is closed, you will receive a credit card within seven to ten business days in the mail. You will be billed monthly and receive statements monthly as you would with a regular credit card.

How do I access my funds?

Once you have activated your card, you may use the card or your Statement Checks, included in each monthly statement. Or you may send a written request (a fax is acceptable) to the Lending Services Department to cut a check for you or to deposit the funds into your savings or checking account.

Can I get a Home Equity Line at any time?

Home Equity Lines are not available for properties on the market or as a  bridge loan.

Do I need title insurance?

Home Equity Lines of Credit of $99,999 or more may require title insurance. All Home Equity Lines of Credit that are granted for $100,000 or more will require title insurance. The member will be required to pay for this insurance.

Home Equity Line of Credit


  • Minimum credit line of $25,000 and maximum of $250,000
  • Twenty-year term with five-year draw and fifteen-year payback
  • Adjustable based on prime
  • 75% LTV on houses, condos, and co-ops
  • Lifetime rate cap of 18%
  • ActorsFCU Savings Account is required

Rates subject to change without notice

Home Equity Line of Credit Terms & Applications are given by contacting
the Lending Services Department at 212.869.8926 (Option 4)

For rates, click here!

To apply, click here!