Home Equity

There's a lot to know about buying a home. It starts with knowing where you stand financially and what it takes to become a homebuyer. Liberty Bay's FA$Ttrack program will give you the confidence to start the process on the right foot.

Take the FA$Ttrack: Considering Home Ownership  Take the FA$Ttrack: Mortgages

Mortgage and Home Equity 

We offer a variety of home financing options, including fixed-rate and adjustable-rate mortgages, and home equity loans and lines of credit. Our loan officers are just a call or an e-mail away to help find the best product for you!


Mortgage Products   APPLY NOW     CURRENT RATES

Are you ready to close on your mortgage quickly? We can get your mortgage approved in minutes, rather than days or weeks, and offer pre-approvals to let you know how much house you can afford before you shop. We offer:

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • First-Time Homebuyer Program Mortgages
  • VA & FHA Mortgages - Ask an Expert

My Mortgage

Liberty Bay is excited to offer My Mortgage, our online Mortgage Loan Servicing Resource!

Features:

  • Instant access through Home Banking and your LBCU mobile app
  • Make payments online with Auto Pay
  • Request payoff statements
  • Access tax forms
  • And more!

Quickly View:

  • Payment due date & payment history
  • Current balances
  • Payment options
  • Previous and current year-to-date totals
  • Loan statements & documents
To access My Mortgage follow these 3 easy steps:
1. Login to your Online Home Banking
2. Hover over "Additional Services" tab
3. Click "My Mortgage"
 

First time users must register. If you have any questions regarding My Mortgage please contact our Mortgage Servicing team at 617-439-5098.


Home Equity Lines of Credit   APPLY NOW

Liberty Bay's Home Equity Line of Credit gives you an instant cash reserve to draw on as you need it. You're free to use it to make home improvements, major purchases, consolidate debt, finance an education, take a trip...whatever you like whenever you want it.

With our new Rehab Home Equity Line of Credit we have you covered in cases of  home rehabilitation, remodel, and renovations.

Better yet, our variable interest rate, which is indexed to the prime rate, is one of the lowest around.

  • Low variable interest rates.
  • 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. Principal and Interest Payment option also available.
  • Members may pay more than the minimum at any time without penalty.
  • 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.

Current Rates (Based on Prime = 5.25%)



Product / Rate

Minimum
FICO Required
Maximum
Loan-to-Value
Maximum Loan Amount Payment Per Thousand


Prime +0.50% APR1

620 80% $1,000,000 $6.44


Prime -1.00% APR for 6 months;
Prime -0.50% APR for remainder of loan
1
(Minimum draw of $15,000)

620 80% $1,000,000 $5.56


Rehab HELOC/Prime +2.00% APR1,3

640 90% $500,000 $7.39


Prime +2.00% APR1

700 90% $500,000 $7.39

 


Fixed-Rate Home Equity Loans   APPLY NOW   

If you have a specific project in mind or need money for other purposes, then one of these loans might be right for you.   

  • 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.

Current Rates 


Product
Interest Rate
APR2

Term (months)
Payment
Per Thousand
7 Year Fixed 4.50% 4.50% 84 $13.90
10 Year Fixed 4.75% 4.74% 120 $10.48
15 Year Fixed 5.00% 5.03% 180 $7.91
 

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

  • Two most recent pay stubs
  • Current Mortgage balance statement
  • Copy of deed with recording information or copy of Certificate of Title
  • Real Estate tax bill 
  • Copy of Homeowner’s Insurance Policy
  • Two Years of W2s

Please call the Home Equity Department at (617) 439-6500 for more information.


Ask an Expert

We are dedicated to making the home lending process easy. Our loan officers will serve as guides through the financing process, providing options and support so you can make the most informed choice. You'll receive personal service and considerate attention every step of the way. Learn more by calling 1-800-638-8526 or by contacting one of our mortgage lending officers listed below.

Paola Ferrara
Mortgage Loan Officer 
NMLS # 466311
c: (781) 850-6694 

EMAIL

Stephen Hile
Mortgage Loan Officer
NMLS # 697313
c: (617) 834-6434

EMAIL
 

 

1. Home Equity Lines for $250,001 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%.  Credit Union membership is required.  Homeowners insurance is required for the life of the loan. Offer is subject to change at any time.
2. APR= Annual Percentage Rate. The minimum loan amount is $15,000 with and 80% maximum Loan to Value (LTV) on primary residence using an appraisal at the borrowers expense. 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%.  Credit Union membership is required.  Homeowners insurance is required for the life of the loan. Offer is subject to change at any time.
3. Rehab Home Equity Lines require a full appraisal regardless of loan amount. Index is the Prime Rate as published in the Wall Street Journal at the beginning of each monthly billing cycle. The maximum APR is 18%. Credit Union Membership is required. Homeowners insurance is required for the life of the loan. Combined loan to value limits apply. Floor rate of 3%. Rates are subject to change.
 
Consult your tax advisor regarding deductibility of interest on these loans.