Tap into YOUR Home's EQUITY for the FUNDS you need, with a low-rate VIP HELOC!
(Home EQUITY Line of Credit)
When it comes to financing, flexibility is key. Turn your home's equity into a line of credit that is there exactly when you need it.
Key Features
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Competitive Rates
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Anytime Funds
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Quick Decisions
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Local Service
Competitive Rates
Anytime Funds
Quick Decisions
Local Service
Easily turn the equity in your home into ongoing, affordable financing with a variable or fixed rate HELOC!
- Competitive rates for several ongoing or seasonal needs:
- Education expenses
- Major life events
- Major home improvements
- Debt consolidation
- Emergency reserve
- And much more
HELOC Comparison (Variable vs. Fixed Rate HELOC Options)
|
Feature |
VIP Edge HELOC (Variable Rate) |
VIP Fixed Rate HELOC |
|
Rate Type |
Variable |
Fixed |
|
Introductory Rate |
Special intro rate for first 12 months |
Not Applicable |
|
Ongoing Rate |
WSJ Prime minus 1.00% (floor rate may apply) |
7.99% APR (as of May 28, 2025) |
|
Rate Changes |
Yes – may vary after intro period |
No – fixed for life of loan |
|
Best For |
Flexibility and potentially lower rates |
Predictability and stable payments |
Shared Features:
- The existing equity in your home is used as collateral backing
- Accommodating repayment terms that work uniquely for you
- Funds available anytime without reapplying; apply once, then use repeatedly thereafter
- Revolving credit — as principal is repaid, more becomes available for use
- Funds easily available via in-person or phone transfers to a specified Worcester CU checking account
- The interest paid might be tax deductible (consult tax advisor)
- Set up automatic payments to be deducted from your account monthly
- Quick, local decision-making and processing
- Attentive, friendly service from start to finish
Current Rates
Related Disclosures:
HELOC Important Terms
HELOC What You Should Know
MA GENERAL LAWS CHAPTER 184
*Home Equity Line of Credit must take a minimum draw of $10,000.00 upon account opening. Maximum loan amount is $726,200. Loans $250,000.01-$726,200 require an appraisal. Loans under $250,000 may also require appraisal. Both are paid for by borrower and range from $0-$1000 per appraisal due prior to ordering the appraisal. Equity Lines of Credit are variable rates subject to increase after consumption, adjusting monthly to the Wall Street Journal (WSJ) Prime Rate minus 1.00% with a maximum APR rate of 18% with a floor of 4.50% APR. WSJ Prime Rate is 7.50% current as of 12/19/2024. Maximum Loan to Value 80%. Offer applies to 1-4 family, owner-occupied primary residences only. Not available for homes currently for sale or intended to be sold within 6 months of closing. Offer available for new money only. Other restrictions apply. All loans are subject to credit approval. Offer may be withdrawn at any time. NMLS#491585
*Special Intro rates - If you have received an introductory rate special loan during the preceding 36-month period, you are not eligible to receive another introductory rate special loan and rate will default to the regular rate terms upon inception as set by the Prime Rate and Edge Home Equity line rate terms.
An early termination fee of no more than $1,000 may be imposed to cover fees paid to third parties if the equity line is discharged within 36 months of the note date. Equity is determined by taking 80% of the property value and deducting the balance of any mortgages. The minimum loan amount is $10,000. Property insurance is required. Worcester CU members must maintain a $5 membership share account relationship. All requests are subject to credit approval.
