How Will You Use Your Equity?
Home Equity Loan Second Lien
(Real Smart)
Turn your equity into an all-at-once cash payment for any purpose — and pay it back at a simple fixed rate.
Home Equity Line of
Credit
(Interest Only HELOC)
This is financing at its most flexible. Open a line of credit that’s accessible as you need it and only pay interest on what you use.
Home Equity Loan First Lien
(Home Advantage)
Looking to refinance? Leverage your home equity to take advantage of a lower rate — and forget about closing costs.
Home Equity Rates
Loan Type | Term | APR As Low As | Loan To Value Ratio |
---|---|---|---|
Home Equity Loan Second-Lien (Real Smart) | Up to 60-Months | 7.49% | 81-90% |
Home Equity Loan First-Lien (Home Advantage) | 15-Year | 6.825% | Up to 80% |
HELOC (Interest Only) | 10-Year Draw Period/15-Year Payback Period | 8.50% | Up to 90% |
Rates effective as of March 15, 2024
Home Equity Options At A Glance
Features & Benefits | Home Equity Loan Second-Lien (Real Smart) | Home Equity Line of Credit (HELOC Interest Only) | Home Equity Loan First-Lien (Home Advantage) |
---|---|---|---|
Rate: |
Low Fixed Rate |
Variable Rate |
Fixed Rate |
Payments: |
Payments are fixed |
Payments may vary |
Payments are fixed |
Terms: |
up to 120 months |
10-year draw and 15-year payback |
36 - 180 months |
Financing: |
Borrow up to 90% loan to value |
Borrow up to 90% loan to value |
Borrow up to 80% loan to value |
Closing Costs1: |
No closing costs for first-time applicants |
No closing costs for first-time applicants |
No closing costs for first-time applicants |
Tax Deductible 2: |
Interest may be tax deductible |
Interest may be tax deductible |
Interest may be tax deductible |
Apply Online | Apply Online | Apply Online |
Let’s Unlock Your Home’s Potential.
Get the most out of the equity you’ve built. Give us a call at888-436-1847
Annual Percentage Rate (APR) shown is the lowest rate offered, including discounts (discounts not available for Home Equity Line of Credit) and based on credit score. Rates are subject to change without notice.
Other terms and rates may be available.
Rates include 0.10% discount for having a checking account with NECU, plus 0.10% discount for payments made through payroll deduction or automatic funds transfer from another NECU account, plus 0.10% discount for having an active NECU VISA credit card. The rate is subject to change without notice. Rates and amounts financed may be determined by your personal credit history, account relationship and payment method. Final rates are determined by credit score.
1Home Equity Loan: minimum amount is $10,000, maximum $200,000. The loan must be in second lien position. Closing costs waived for the first loan (exceptions may apply). Otherwise closing costs could be up to $1,000. Property insurance is required. Flood insurance is required if the property is located in a flood zone.
2Home Equity Line of Credit - Interest Only: The index for the Interest Only Line of Credit is the Wall Street Journal Prime Rate. 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 or minus a margin. The maximum credit line is $200,000. The maximum APR that may be imposed is 18% in a variable-rate plan. No closing costs to first-time applicants (exceptions may apply). Otherwise closing costs could be up to $1,000. Property insurance required. Flood insurance is required if the property is located in flood zone.
31st-Lien Home Equity Loan: Northeast Credit Union must be in first lien position. Property insurance required. Property can not be located in a flood zone. No closing costs at consummation however member will be responsible for up to $1,000 in closing costs, if the loan is paid off and closed in the first three years. Minimum loan amount is $20,000 and maximum loan amount is $417,000. Loan to value equal to 80% or less.
All loans are subject to credit approval.
For a 1-4 family owner-occupied residence, condo, or mobile home on its own land.
All rates, terms, and conditions are subject to change daily and without notice. They can only be guaranteed by our Mortgage Department. For more information, please call a Mortgage Specialist at 888-436-1847.
1Home Equity Loan
A $30,000 home equity loan at 6.69% APR with term of 120 months.
120 monthly payments of $403.83 (includes debt protection).
2Home Equity Line of Credit - Interest Only
A $50,000 home equity line of credit at 8.5% APR, payments will be $608.96 (including debt protection), during the repayment period, and approximately $516.44 during the draw period.
31st-Lien Home Equity Loan
A $75,000 1st-Lien Home Equity Loan at 6.825% APR with a term of 180 months payments would be approximately $833.03 (includes debt protection).