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

Home Equity Line of Credit        

Rate is variable and based on Prime rate (as published in the Wall Street Journal) +0%.
Minimum rate is 5.00 % Interest rate can change monthly with a cap rate of 18%, and a floor of 5.00 %.

As of 10/1/2023, Prime Rate is 8.50% APR.(Subject to change without notice).

Property Insurance or additional coverage may be required.

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 the amount, if any by which your balance exceeds your credit limit, plus the amount of accrued but unpaid finance charges, late charges and any other charges as authorized by agreement.

During repayment period, the minimum payment is the amount, if any by which your balance exceeds your credit limit, plus the amount of accrued but unpaid finance charges, late charges and any other charges as authorized by agreement; and 1.0416667% of the principal balance on the last day of the draw period.
 

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         6.50%
84 month         6.65%
120 month       6.75%
180 month       6.95%
 

Rates are subject to change without notice.

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. $615.00 processing fee

LOAN CALCULATOR

RATES

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