If you are looking
for credit for nearly any purpose, a
Home Equity Line of Credit might be
the right choice for you. Whether
you are looking to consolidate debt,
add a new room to your home, buy a
new car, or pay for college tuition,
you can use the equity in your home
as a source of low cost credit.
Program Highlights and Benefits
The UCU Home Equity Line
of Credit (HELOC) allows you to borrow
up to $125,000 based on 80% of the
current appraisal value of your home,
less the first mortgage balance.
The HELOC has a 20 year
term. You may draw against your HELOC
anytime during the first ten years of
your loan. After ten years, the loan is
amortized over the next ten years.
You are billed
Interest Only during the draw
period. You can make principal payments
at any time during the draw period.
(Principal and interest options are
available.)
The payment plan is an
interest rate based on the Wall Street
Journal's month-end Prime Rate and is
subject to change monthly. The interest
rate will never be more than 18% per
year at any time.
There are no prepayment
penalties or annual fees.
The Home Equity Line of
Credit has no closing costs with an
initial disbursement of $10,000.
Members receive
complimentary convenience checks.
Disbursement checks are
available on the day they are requested.
A HELOC from UCU may be
tax deductible. Make sure to check with
your tax advisor.
All loans are subject
to final review. If you would like
an application sent to you, simply
call the Credit Union at (617)
739-7447, Ext. 246 with your
request.
Once you have
completed your application, make
sure to send the following
documentation along with it:
-
Paystub(s)/Tax Returns
-
Copy of the Deed
-
Copy of the most recent property tax
bill
-
Copy of the most recent mortgage
statement
Completed
applications can be sent to the
Credit Union via
mail or fax at (617) 739-8346.
Questions?
Our experienced loan
officers are always available to
answer your questions.
Simply call a UCU
home loan expert at (617) 739-7447,
Ext. 246 or email
msinibaldi@universitycu.org with
your equity questions.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United State Government. National Credit Union Administration, a U.S. Government Agency.
Branch:
846 Commonwealth Avenue - Boston, MA 02215
