Using the equity in your home can help you access funds you may need for a big purchases such as college tuition; home improvements; a much needed vacation; or to pay off higher rate loans.
Fixed Rate Home Equity Loans
City of Boston Credit Union offers fixed-rate equity loans up to $250,000 for a maximum of twenty years. The aggregate amount of your first mortgage and equity loan may not exceed 80% Combined Loan To Value (CLTV). This option works well for the member that wants a fixed payment amount and a one-time disbursement of funds.
Home Equity Line of Credit (HELOC)
City of Boston Credit Union also offers a Home Equity Line of Credit that is a revolving line of credit with a variable interest rate. $250,000 maximum 5 year draw period, additional 10 year payback at Prime Rate of Interest. The aggregate amount of your first mortgage and equity loan may not exceed 80% Combined Loan To Value (CLTV).
Home Improvement Loan
Our Home Improvement Loan is an option for members that don’t have the equity they need in their home to utilize a traditional Home Equity type of loan. The Home Improvement Loan is a consumer loan that does not work off the equity in your home, but can give you the funds you need to get some much need repairs or improvements done.
Contact our Mortgage Department at (617) 635-2465 for more information.