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:
Home Improvement Loans
- Up to 20 year term
- Borrow from $5,000 to $150,000
- Application fee is currently being waived
- Borrow up to 85% of your home's value, less your present mortgage (75% on condominiums)
- 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
- Up to 20 year term
- Borrow from $15,000 to $150,000
- Application fee is currently being waived
- Borrow up to 85% of your home's assessed value, less your present (75% on condominiums and townhouses)
- 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 $150,000
- The rate is The Wall Street Journal's month-end prime lending rate less 1/2%, subject to change monthly. (Minimum rate 4.00%)
- Borrow up to 85% of your home's assessed value less your present mortgage (75% on condominiums/townhouses)
- No points or closing costs
- No application fee
- Interest only payment option
For additional details, stop by any Credit Union office or contact the Mortgage Department at mortgage@rtn.org or 1-800-338-0221, ext. 9859.
EQUAL OPPORTUNITY LENDER
EQUAL HOUSING LENDER
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