What would you use your Home Equity Line of Credit for?
With a low introductory rate on an Ocean Financial Home Equity Line of Credit (HELOC), you can use the equity in your home to cover any expenses you may have, from home improvements to education to medical bills. Payback only what you use and have it available to access again as you need it.
Did you know a HELOC:
- May offer lower interest rates compared to unsecured loans, potentially saving on financing costs over time.
- Offers the flexibility to access funds as needed during the draw period.
- Can be used for any expense you may have, such as debt consolidation, emergency funds, tuition, medical bills, etc.
Have a Home Equity Line of Credit elsewhere? Refinance at Ocean Financial and take advantage of the low rate 12-month intro period.
Consult your financial advisor for possible tax benefits.
The required documentation needed to apply for a Home Equity Line of Credit 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
*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. **After the introductory period, your APR will vary with the market based on the Prime Rate. Prime rate as of 12/19/24 = 7.50% APR as published in the Wall Street Journal. The floor APR is 3.00% plus your margin. 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