Home Equity

With a Home Equity Line of Credit or Loan, you can put the value in your home to work for you. Home equity rates are typically lower than consumer loans and credit cards. And, the interest you pay on home equity loans may be tax-deductible!*  To learn more about our Home Equity Lines of Credit and Loans, or for current rates, please review the product information below, or call us at 617-439-6549.


Home Equity Lines of Credit

  • Low variable interest rate
  • Easy application and quick approval
  • Minimum loan amount is $15,000. Loan amounts $250,001 and over require a full appraisal
  • Loan to Value (LTV) up to 90% on some products
  • Draw period terms of 10 years
  • Repayment terms of up to 25 years
  • Available credit is accessed by check or cash withdrawal for ten years
  • Interest Only payments for the first ten years. Principal payments may be made at the borrower's discretion with no penalty. (Principal and Interest payment option also available.)
  • The collateral on a Home Equity Line is a mortgage on real estate. The real estate must be a one to four family owner-occupied dwelling.

Rates Effective March 1, 2017:       

 Home Equity Line Options Today's Rate  Maximum LTV Minimum Credit Score Minimum Draw at Account Opening Automatic Payment from LBCU account?
HELOC 1  Prime +  2.00% =  6.00%  90%  700  N/A Not required
HELOC 2  Prime - .25% = 3.75%  80%  620  N/A Required
HELOC 3

Prime - .50%  for first 6  months =
3.50%;
then  Prime - .25%  for life of loan =
3.75% 

 80%  620  $10,000 Required
HELOC 4 Prime for Life  80% 620 N/A Not required

                             

APPLY NOW

*APR = Annual Percentage Rate. Rates are variable and may increase during the term of the loan. Index is the Prime Rate which is published in the Wall Street Journal on the last business day of each month. The minimum line amount is $15,000. Loan to Value (LTV) is determined by an appraisal at the borrower's expense.  Credit Union membership is required. Homeowners insurance is required for the life of the loan. Consult your tax advisor regarding deductibility of interest on this loan.  Offer is subject to change at any time. 


Home Equity Loans

  • Low fixed-rate of interest for the entire term of the loan
  • Easy application and quick approval
  • Repayment terms of 7, 10, or 15 years are available
  • Members may pay more than the minimum at any time without penalty
  • The collateral on a Home Equity Loan is a mortgage on real estate. The real estate must be a one to four family owner-occupied dwelling.

Rates Effective April 11, 2017:

 Home Equity Product  APR*  Term
 (months)
 Payment
 per Thousand
 7 Year Fixed Loan  3.875%  84   $13.67
 10 Year Fixed Loan  4.125%  120  $10.24
 15 Year Fixed Loan  4.375%  180  $7.65

 

* APR= Annual Percentage Rate. The minimum loan amount is $15,000 with 80% maximum Loan to Value (LTV) on primary residence using an appraisal at the borrower's expense. Home Equities for $250,000 and over require a full appraisal.  Credit Union membership is required.  Homeowners insurance is required for the life of the loan.  Consult your tax advisor regarding deductibility of interest on this loan. Offer is subject to change at any time.

 


Paperwork you'll need for an Equity Line of Credit or Loan

  1. Two most recent pay stubs
  2. Current Mortgage balance statement
  3. Copy of deed with recording information or copy of Certificate of Title
  4. Real Estate tax bill
  5. Copy of Homeowner Insurance Policy
  6. Two Years of W2s

Appraisal fees (if necessary) range from $375 to $575 depending on the type of appraisal and dwelling.

APPLY NOW

CLICK HERE to view Liberty Bay Credit Union's Nationwide Mortgage Licensing System & Registry (NMLS).