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         3.50%
84 month         3.75%
120 month       4.0%
180 month       5.0%
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. $575.00 processing fee

LOAN CALCULATOR

RATES

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