Home Equity Line of Credit
Can be used for many reasons, such as home improvements, college tuition, debt consolidation or that much needed vacation and more. The home equity line of credit from Stoneham Municipal Employees Federal Credit Union can help. We offer lines up to $100,000 with no application fees or closing costs. Just visit one of our convenient branches for more information or to apply.
Advantages of a Home Equity Line of Credit
• A great way to finance large expenses
• Borrow as little or as much as you need, when you need it.
• Lower interest rates than a Credit Card or Personal Unsecured Loan
• You can borrow up to 80% of your home’s equity
• Draw period first 10 years
• Repayment period 5 Years
• Maximum term of 15 years
• No application Fee
• No closing costs **
Rates effective 4/8/2019 and are subject to change. The current interest rate of 5.50% APR* is a variable rate based on the Prime Rate, with a floor of 4.000% APR* and maximum ceiling of 18% APR*. Rate shown is based on 80% LTV. Other home loan products, rates and terms available. Interest may be tax deductible (consult your tax advisor). **An initial advance of $25,000 is required for a period of 6 billing cycles to qualify for no closing costs. A $350 early cancellation fee applies if the line is closed or paid off within the first 24 months. Primary Residence only. Subject to credit approval. Limited Time Offer.
*APR = Annual Percentage Rate