Home Equity Line of Credit

Today is

Home Equity Line of Credit (HELOC)

Fixed Rate Or Line of Credit? You Can Have Both with a Home Equity Line of Credit from Members Plus Credit Union!

Prime Rate
Home Equity borrowers can now get the best of both worlds by combining the best features of a flexible credit line and a fixed-rate loan, allowing you the ability to lock in all or part of your credit line balance at a low fixed rate, with a fixed monthly payment. The amount of your credit line that you don’t convert to a fixed rate will remain available to use at a competitive variable rate, like a traditional line of credit. In either case, you’ll only pay interest on the amount of money you actually use.

Get your projects off to a great start with the financing that not only gives you great rates but also great flexibility! To apply, or to obtain more information, contact your local branch or call the Mortgage Department at 781-905-1500.

Peace of Mind:
• Convenient access with checks and online
• The security of a fixed rate with the convenience of HELOC
• No Points or Closing Costs
• No new underwriting decision or income verifications are required when you take an advance
• As you pay down your fixed rate loan balance, your available line of credit increases

Disclosure: * Rates are subject to change without notice. Home Equity Line of Credit has a variable rate and is based on the Prime Rate on the last business day of each month as published by the Wall Street Journal's Money Rates Section. Prime Rate as of 12/16/08 is 3.250%. The variable rate feature may increase after loan consummation. The maximum Annual Percentage Rate (APR) which can be charged is 16%. Rate discount and no closing costs require a minimum draw of $25,000 upon closing and automatic payment from a Members Plus checking account. The Home Equity Line of Credit $50 annual fee will apply and will be waived for the first year of the loan. Rate locks are based on a minimum advance of $5,000 with a rate lock fee of $25.00 per lock. Penalty for early termination may apply.

Property must be located within a 100-mile radius of MPCU main office.