Real Estate

Home Equity loans provide a good, convenient method for paying tuition, home improvements and even that new car or boat. Interest on these loans is usually tax deductible. Home Equity loans are secured by a piece of property which Cambridge Teachers Federal Credit Union has placed a lien no lower than 2nd position. The maximum home equity loan amount is 80 % of the appraised value, not to exceed $150,000. Owner occupied properties only.

Line of Credit Home Equity Loan (HELOC)

  • Maximum Line of Credit: $150,000
  • Minimum Line of Credit: $10,000

Interest Rate
Prime for the life of the loan. Minimum rate is 5.00 % Interest rate can change monthly with a cap rate of 18%, and a floor of 5.00 %

Access Method
Credit Union issues a checkbook to be used at members' discretion.

Mortgage Period
7 year draw period, 8 year repayment period. Total loan term is 15 years.

Minimum Payment (Monthly)
During the draw period, the minimum payment is 1% of the principal loan balance. During the repayment period the minimum payment is 2% of the principal loan balance. The minimum payment: $50.00

Fixed Rate Equity Loan

  • Maximum Line of Credit: $150,000
  • Minimum loan amount $10,000
  • Maximum Repayment Term: 15 years

Fixed Rates Home Equity 

60 month         4.00%
84 month         4.50%
120 month       4.75%
180 month       5.25%
Home Equity Line of Credit        5.0%

Repayment Schedule

  • $10,001-25,000 Max Repayment 7 years
  • $25,001-50,000 Max Repayment 10 years
  • $50,001-150,000 Max Repayment 15 years

Borrower Requirements:

  1. Copy of Deed to property
  2. Copy of most recent tax bill
  3. Copy of 1st Mortgage Statement listing current principal balance.
  4. Copies of W-2 or recent pay stubs.
  5. Insurance binder; adding CTFCU as a lien holder
  6. $675.00 processing fee



Click on the link below to launch MortgageClick, our online mortgage center

Visit our Mortgage Center

Email Signup

We are striving to provide more environmentally friendly services, including how we communicate with our members.  Please join our email list to receive important news and updates about CTFCU services regarding your accounts. Be assured that our privacy policies prohibit the sharing or selling of your email address. You only have to sign up once.