Home equity loans are available to all qualified homeowners and homeowners or condominiums and 1-4 family dwellings owner occupied in the state of Massachusetts.
Loans will be secured by the equity in your home.
Loans will be available on properties free of any encumbrance or other defects in title, other than a first mortgage.
A field asset verification (FAV) by a realtor selected by the credit union will be used to determine the value of your home. Loans will be available for up to 80% of the value of your property as determined by the FAV. If you do not feel the (FAV) accurately reflects the value of your home, a formal appraisal or analysis will be required by a realtor of the credit union's choice.
No fees, no closing costs
Interest rate: 6.5% (rate subject to change)
Home equity loan required documents:
* A completed and signed application (all areas to be filled in)
* Copy of most recent paystub or most recent federal income tax return (for all borrowers)
* Credit Union will obtain a flood determination certificate on property
* Copy of most recent mortgage payment
* A copy of the property deed or certificate of title
Note: Example below to figure equity in your home:
Appraisal or analysis done $200,000.00
Minus 20% of value $40,000.00
Minus your first mortgage $125,000.00
Your equity $35,000.00
* Minimum amount of $25,000.00
* Member must take entire amount requested
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