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)
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Maximum Line of Credit: $150,000
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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
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Maximum Line of Credit: $150,000
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Minimum loan amount $10,000
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Maximum Repayment Term: 15 years
Interest Rate
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Less than 5 years - 4.00%
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6 to 10 years - 4.50%
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11-15 years - 5.00%
Repayment Schedule
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$10,001-25,000 Max Repayment 7 years
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$25,001-50,000 Max Repayment 10 years
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$50,001-150,000 Max Repayment 15 years
Borrower Requirements:
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Copy of Deed to property
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Copy of most recent tax bill
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Copy of 1st Mortgage Statement listing current principal balance.
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Copies of W-2 or recent pay stubs.
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Insurance binder; adding CTFCU as a lien holder
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$425.00 processing fee
LOAN CALCULATOR
RATES
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