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

  • 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.

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Worcester Credit Union is INSURED by National Credit Union Administration (NCUA) and Massachusetts Credit Union Share Insurance Corporations (MSIC). The NCUA insures all deposits up to $250,000 per account owners. All deposits above NCUA limits are fully insured by MSIC.

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