You’ve been building the equity in your home and now it’s time to put that equity to work for you.
Your equity is calculated by subtracting the what’s owed on your mortgage from your home’s appraisal value. A home equity loan lets you use your equity as collateral to fund home improvements, consolidate debt, cover college tuition, pay for a vacation, and more!
Start your online home equity loan application by selecting an option below and then creating an account, or return to the Borrower Portal to complete an application you’ve already begun. If you need help, our experienced lenders are here for you.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving form of credit with a monthly adjustable interest rate, similar to a credit card. It allows you to borrow and repay funds on an as-needed basis during a specified period of time. After that, you pay back the amount you borrowed in installments. Your home is the collateral for the line of credit.
INTRODUCING OUR LIMITED-TIME HELOC OFFER: *5.99% APR FOR THE FIRST YEAR
For a limited time, Southbridge Credit Union is offering an introductory rate of *5.99% APR on our Home Equity Line of Credit (HELOC) for the first year. After the first year, the rate adjusts to the current prime rate.
*Annual Percentage Rate (APR): Rates are subject to credit approval and subject to change without notice. Promotional rate of 5.99% APR is fixed for the first 12 months, followed by a variable rate which is adjusted monthly based on the Prime Rate as published in the Wall Street Journal. Prime is currently 7.50% APR. There is a maximum rate of 15.00% APR. Applies to 1-4 family owner occupied properties. Minimum line amount is $25,000 with a maximum line amount of $250,000. Maximum combined loan to value (CLTV) is 80% of the AVM or appraised value. Applicant to pay between $475-$600 for appraisal if needed. Closing fees between $0-$1500 may apply. Property and flood insurance (where applicable) are required. HELOCs have a 20-year term (10-year draw period with interest only payments followed by 10-year repayment period with principal and interest payments). An early termination fee of $500 will be assessed at the time of payoff if the line of credit is closed within 36 months of the date of the Note. Existing Southbridge Credit Union Home Equity Line of Credit members must apply for and be approved for an increase in their current line by at least $20,000 to qualify. Membership to SCU requires a one-time dividend-earning deposit of $5.00 in a prime share account. Equal Housing Opportunity. Equal Opportunity Employer. Federally insured by NCUA. NMLS #: 616673.
Home Equity Loan
You may borrow up to 80% of the appraised value of your property minus the outstanding balance of the 1st mortgage. This loan allows you to take advantage of a fixed-rate monthly payment loan granted to you as a lump-sum.
