
With the funds available from the equity in your home, you can spring for a family vacation, install a new swimming pool, or build that addition you’ve needed for years. If you choose, you can pay off other high-interest loans, such as credit cards. Some homeowners can even take a substantial tax deduction for the interest paid on a home equity loan, but check with your financial advisor to be sure.
We offer three choices for members borrowing against the equity in their primary 1- to 4-family homes located in Maine, Massachusetts, New Hampshire and Rhode Island:
- Up to 20 year term
- Borrow from $5,000 to $250,000
- Application fee is currently being waived
- Borrow up to 80% of your home's value or condominium (using the Automated Value Method or "AVM"), less your present mortgage. However, if you have your first mortgage with RTN Federal Credit Union, then the maximum loan-to-value is increased to 85%
- No points
- No closing costs
- Mortgage recording fees range from $40.00 to $175.00 depending on the Registry of Deeds
Fixed Rate Home Equity Loans Click here for our rates.
- Up to 20 year term
- Borrow from $15,000 to $250,000
- Application fee is currently being waived
- Borrow up to 80% of your home's value or condominimum (AVM), less your present mortgage. However, if you have your first mortgage with RTN Federal Credit Union, then the maximum loan-to-value is increased to 85%
- No points
- No closing costs
- Mortgage recording fees range from $40 to $175 depending on Registry of Deeds
Variable Rate Home Equity Loans — "Ready Line"
- 10-year draw period followed by a 10-year repayment
- Borrow $20,000 to $250,000
- The rate is The Wall Street Journal's month-end prime lending rate less ½%, subject to change monthly; minimum rate 4.00% APR (Annual Percentage Rate)
- Borrow up to 80% of your home's value or condominimum (AVM) less your present mortgage. However, if you have your first mortgage with RTN Federal Credit Union, then the maximum loan-to-value is increased to 85%
- No points or closing costs
- No application fee
- Interest-only minimum payments
For additional details, stop by any Credit Union office or contact the Mortgage Department at 1-800-338-0221, ext. 9859.
We do business in accordance with the S.A.F.E. Act and are registered with the NMLS (Nationwide Mortgage Licensing System & Registry). Learn more about NMLS and verify our registration.
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