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Home Equity Loan and Line of Credit Options

Choosing a home equity loan or line of credit depends on your personal goals and needs.

A home equity line of credit is a revolving line of credit based on the available equity in your home.

A home equity loan is extended to you in one lump sum, which is paid back in stable, fixed monthly payments. To learn more about choosing one of these products, see our Home Equity Loans and Lines of Credit – Introduction page.

See below for current rates, online applications, and free membership information on our Prime Advantage Credit Line, RealSmart Fixed Rate Loan, and Equity Plus Variable Rate Loan.

Prime Advantage Credit Line¹

Prime + 0% for the life of the line.
No closing costs, for first time applicants
Borrow up to 80% loan to value ratio**
10-year draw and 15-year payback**
Quick credit decisions
Interest payments may be tax deductible (Please consult your tax advisor)

Current Rates

Member Online Application

Become a Member and Apply Online

RealSmart Fixed Rate Loan²

Competitive, fixed rate
No closing costs, for first time applicants
Borrow up to 90% loan to value ratio**
$10,000 minimum/$100,000 maximum
Up to a 15-year term**
Quick credit decisions
Interest payments may be tax deductible (Please consult your tax advisor)

Current Rates

Member Online Application

Become a Member and Apply Online

Equity Plus Variable Rate Loan³

Competitive, adjustable rate
15-year term**
One time distribution
Borrow up to 90% loan to value ratio**
Interest payments may be tax deductible (Please consult your tax advisor)

Current Rates

Member Online Application

Become a Member and Apply Online

We're here to help you choose the best loan program for your dreams and needs. For complete details on any of our home equity financing options, a Loan Specialist is ready to assist you. Please call us toll-free at 888-436-1847, stop by a branch, or email us at memberservices@necu.org.

Call 1-888-436-1847 to speak with Member Services

¹The index for the Prime Advantage Line of Credit is the Wall Street Journal Prime Rate. When a range of rates has been published, the highest rate will be used. We will use the most recent index value available to us as of the last day of the calendar quarter before the date of any annual percentage rate adjustment plus a margin of 0%. The current APR as of 12/22/2008 is 3.25% and may vary. Maximum credit line is $200,000. The maximum APR that may be imposed is 18% in a variable rate plan. Prime Advantage Home Equity Line is a member service of Northeast Credit Union. Does not apply to required property insurance. Subject to credit approval. No closing costs for first time applicants. Otherwise closing costs range from $275 to $350. Flood insurance is required if the property is located in flood zone.

²Subject to credit approval. Example: A $30,000 loan at 7.65% APR. [Rate effective as of 05/01/2008.] 120 monthly payments of approximately $400.30. Total finance charge of approximately $13,496.85. Includes credit protection. APR ranges from 5.90% to 9.65% depending on term and loan to value. Rates subject to change.

^*Rates include .25% discount for payments made through payroll deduction or automatic transfer from another NECU account, plus .25% discount for an active Northeast VISA credit card. "Active" defined as having a transaction (purchase, cash advance or payment) in the last 90 days. And, .25% discount for having eChecking or Relationship Checking with eStatements and an active CyberPay account. "Active" is defined as having used CyberPay in the last 3 months.

³Subject to credit approval. Example: A $25,000 loan at 5.00% APR. [Rate effective as of 12/22/2008.] 180 monthly payments of approximately $216.50. Total finance charge of approximately $11,603.06. Includes credit protection. Rate may increase after closing. APR is 5.75% for LTV of 81-90%. Rates subject to change.

** Restrictions do apply. For complete details, please contact Member Service at 1-888-436-1847.

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