Home Equity

THE FIRST TEN MEMBERS TO TAKE ADVANTAGE OF OUR FIRST MORTGAGE WITH HOME EQUITY OFFER WILL RECEIVE A $500 CREDIT*
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Time to fix up the yard? Want to take a vacation? Maybe you would like to add on to your home. 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 usually lower than consumer loans or credit cards. Plus, the interest you pay on home equity loans may be tax-deductible; check with a tax advisor.

Home Equity Lines of Credit

• Low variable interest rate of ½% below prime for the life of the loan*, prime adjusted monthly.
• Easy application and quick approval.
• Repayment terms of up to 25 years**.
• Available credit is accessed by check or cash withdrawal for ten years.
• Payments are a minimum of interest only for the first ten years. Principal payments may be made at the borrower's discretion.
• Members may pay more than the minimum at any time without penalty.
• No penalty for early payoff.
• 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.
• There are no check charges and no transaction fees.

Rates Effective January 1, 2012

*The minimum loan amount is $10,000.00, maximum loan amount is $300,000.00, with an 80% maximum Loan to Value (LTV) on primary residence using an appraisal (75% LTV using your current tax valuation). Home Equities for $250,000 and over require a full appraisal. Index is the Prime Rate as published in the Wall Street Journal on the last business day of each month.  The rate may increase during the term of the loan.  The maximum APR is 18 percent.  Credit Union membership 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.
• No penalty for early payoff.
• 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 January 1, 2012

*The minimum loan amount is $10,000.00, maximum loan amount is $300,000.00, with an 80% maximum Loan to Value (LTV) on primary residence using an appraisal (75% LTV using your current tax valuation).  Home Equities for $250,000 and over require a full appraisal.  Index is the Prime Rate as published in the Wall Street Journal on the last business day of each month.  The rate may increase during the term of the loan.  The maximum APR is 18 percent.  Credit Union membership 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.

Please call Loan Services at (617) 439-6500 for current rates.

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

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 showing current assessed value.
5. Copy of Homeowner’s Insurance Policy
6. Two Years of W2’s

Appraisal fees (if necessary) range from $250 to $450, depending on the type of appraisal and dwelling.

Come in or call today for your application.

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