With Ocean Financial's Fixed Home Equity Loan* you can leverage the available equity in your home for large expenses, or to consolidate debt. All this with peace of mind that your budget will be preserved – your monthly payment will remain the same over the life of the loan.

How does it work? Your home equity is based on the difference between the appraised value of your home and your current balance on your mortgage. For example, if the value of your home is appraised at $200,000 and you still owe $150,000, your available equity is $50,000.

Because this loan is secured by your home, a Fixed Home Equity Loan is easier to qualify for and is provided in one lump sum. You pay back the loan amount with regular monthly payments that go toward accrued interest and principal for the agreed-upon number of years.

Home repairs, tuition expenses, debt consolidation, a much needed vacation, a Fixed Home Equity Loan provides:

  • Flexible terms up to 20 years.
  • Fixed rate for the life of the loan.
  • Loan made up to 80% of the value of your home.
View Current Rates
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The required documentation needed to apply for a Home Equity Loan is listed below. Other documentation may be requested from the loan officer during the review and approval process.

  • Copy of deed
  • Copy of most recent first mortgage statement
  • 2 months bank statements for any depository other than Ocean Financial
  • Copy of homeowner's insurance policy
  • W-2 and tax returns for the most recent year
  • 2 paystubs consisting of a 30-day period

Questions?

Speak with a Loan Officer.
Call 516-620-8100

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*APR=Annual Percentage Rate. Rates and terms accurate as of 2/11/2025 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan rates featured are the lowest for the product advertised. Loan-to-value restrictions may apply. No closing costs on new HELOCs between $50,000 and $250,000. Rates advertised are for primary residence. For Home Equity Lines up to $250,000 a minimum balance of at least $25,000 must remain open and be maintained for 36 months after the funding date of the Line of Credit to avoid payment of closing costs. These fees generally range between $1,500.00 and $3,500.00 depending on the line amount, property value, location, and/or property type. Hazard insurance is required on all loans secured by real property; flood insurance may also be required. Introductory Rate is not available to members who are currently paying Introductory Rate on an existing Ocean Financial Home Equity Line of Credit or if Ocean Financial paid the closing costs for a HELOC taken within the past three years. Borrower may obtain credit advances for 10 years. HELOC is a variable rate product with a maximum rate of 18.00% APR. For Fixed Home Equity terms of 60 months estimated monthly payment is $20.04 per $1,000 borrowed. For Fixed Home Equity terms of 120 months estimated monthly payment is $12.01 per $1,000 borrowed. For Fixed Home Equity terms of 180 months estimated monthly payment is $9.71 per $1,000 borrowed. For Fixed Home Equity terms of 240 months estimated monthly payment is $8.68 per $1,000 borrowed.