We offer a full array of real estate loan products. More importantly, our staff is knowledgeable, experienced and professional.
Home Equity Loans
Our Blended Home Equity Line of Credit allows you to finance home improvements, college education, consolidate revolving credit card debt, or other worthwhile expenses at an affordable monthly payment.
With our Blended HELOC:
- Enjoy the flexibility of borrowing against the equity of your home – $300,000 with combined loan-to-value (CLTV) up to 60%; $250,000 with CLTV up to 70%; $200,000 with CLTV up to 80%.
- Enjoy a fixed rate for the initial 12 months at 1.75% and then adjustable based on the Prime Rate as published in the Wall Street Journal, for the remaining fourteen years. The first 7 years will be considered the draw period and the remaining 8 years will be the repayment period.
- Finance charges are typically tax-deductible
- For more information regarding how much of a home equity line of credit you may be eligible for, or to apply, give us a call at (617) 625 0898 or visit us at our branch.
Looking for a new home? Just want to pay off your existing mortgage before you retire? Somerville’s Credit Union is here to help! We offer many different mortgage options and can help you find the one that best suits your needs.
- Conventional First Mortgages
- FHA Loans (Purchase & Refinance)
- VA (Veterans Association) Mortgages
- Reverse Mortgages
- Rural Housing
Very Competitive Fannie Mae and Freddie Mac Rates.
Home Affordable Refinance Program – HARP 2.0