Home Equity Line of Credit

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.

Receive approval within 24 hours in most cases.

Use our HELOC calculator to learn your borrowing power.

Click here for the current HELOC rate.

Applying is Easy!

Apply securely online and receive your loan decision within 60 seconds!

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.