Home Equity Line of Credit

Fixed Rate Or Line of Credit?

You Can Have Both with a Home Equity Line of Credit (HELOC) from Members Plus Credit Union!


Borrow money for home repairs, education costs, debt consolidation, vacation, and more!

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.

Property must be located within a 100-mile radius of the Members Plus main office.

Home Equity Line of Credit

Name Rate Points APR**
Home Equity Line of Credit 8.50% 0 8.50%
**APR = Annual Percentage Rate.
** Rate subject to change without notice. Variable rate based on Prime Rate as published by the Wall Street Journal. As of July 27, 2023, the Prime Rate is 8.50%. 12-year draw, 8-year repayment. *** Obtaining the best rate also requires the following criteria to be met: 1) A new home equity line of credit application, 2) A Loan-to-value (LTV) of 80% or less and 3) Strong creditworthiness. **** No closing costs, although properties held in trust may require additional fees. Early termination fee of $400 applies for lines of credit closed within first 36 months. ***** All mortgages and home equity loans require property insurance.  ****** The maximum APR over the life of the loan is 18.00%

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