When it comes to financing, flexibility is key. Turn your home equity into a line a credit that’s there exactly when you need it.

Rates

Key Features

  • Competitive Rates
  • Anytime Funds
  • Quick Decisions
  • Local Service
  • Turn the equity in your home into ongoing, affordable financing
  • Includes 1.75% APR1,2 INTRO RATE for the first 12 billing cycles, then variable rate of Wall St. Journal Prime minus 1.00%  for life of loan or floor rate whichever is higher (3.50% APR current for June 2, 2021) 
  • Competitive rates for several ongoing or seasonal needs:
    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • Emergency reserve
    • And much more
  • 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 deductible3
  • Set up automatic payments to be deducted from your account monthly
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish

1Annual Percentage Rate (APR) is accurate as of 6/2/2021 and is subject to change after the account is opened. An introductory APR of 1.75% is fixed for the first twelve billing cycles. Thereafter, the rate is variable and the APR will be set on the last business day of each month.  The APR is determined by the published US Prime rate in the Wall Street Journal on the last business day of each month, minus 1.00% or the floor rate of 3.50% APR whichever is greater. 

2Rate will not go below 3.50%. The US Prime Rate on July 31, 2020, was 3.25%, resulting in a non-discounted APR of 3.50% due to the floor rate. Maximum APR is 18%. If appraisal is required, the charge will range from $400 to $550. Offer applies to owner occupied primary residences only. All requests subject to credit approval. Maximum repayment period is 20 years. Early Termination Fee: If the Line of Credit is paid off and borrower requests a discharge of mortgage within 36 months of account opening, an early termination fee of $500 will be charged. All credit union loan rates, terms, conditions are subject to change at any time without notice.

3Consult a tax advisor.

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Worcester Credit Union is insured by both 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 the NCUA limits are fully insured by the MSIC.