Home Equity

Get fast, flexible access to your home's equity

Overview

Our 3 in 1 Advantage Plan is an equity line of credit, with options for fixed rate advances and a convenient credit card in one handy package.

  • No application fees
  • No minimum draw requirement
  • No closing costs*



Line of Credit

  • Borrow as often as you like, up to your approved limit.
  • As you pay down the balance, your available credit increases.
  • Take any portion of your line, convert it to a fixed rate advance and choose your repayment term...no application needed.
  • Interest-only payment option available.

Fixed Rate Advances

  • Get the security of fixed payments by converting any or all of your line into a fixed rate advance.
  • Get up to three fixed rate advances at a time.
  • Each advance works like an installment loan with fixed payments for the term you choose.
  • Fix your rate anytime without an application.

Credit Card

  • Convert a portion of your equity into a Platinum credit card.
  • Get the same great low rate you enjoy on your line of credit.
  • Automatic enrollment in MemberPoints lets you earn free gift cards, brand-name merchandise and great travel rewards on purchases.



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Rates

Home Equity 3 in 1 Advantage Plan

  •  Rates effective 08-21-2017
Line of Credit and MasterCard Platinum Credit Card APR1 Payment per $1,0002 Alert Me
To 75% LTV (Prime - 1/2%) 3.75% Varies
76% to 85% LTV (Prime + 1/2%) 4.75% Varies
Over 85% LTV (Prime + 1 1/2%) 5.75% Varies
Fixed Rate Advance - To 75% LTV Alert Me
Up to 5 years 3.99% $18.41
5 to 10 years 4.74% $10.48
10 to 15 years 4.99% $7.90
15 to 20 years 5.99% $7.16
Fixed Rate Advance - 76% to 85% LTV Alert Me
Up to 5 years 4.24% $18.53
5 to 10 years 4.99% $10.60
10 to 15 years 5.24% $8.03
15 to 20 years 6.24% $7.30
Fixed Rate Advance - Over 85% LTV Alert Me
Up to 5 years 4.49% $18.41
5 to 10 years 5.24% $10.72
10 to 15 years 5.49% $8.17
15 to 20 years 6.49% $7.45
Apply for a Home Equity
Rates shown are for members with the best credit profile. Other rates are available, based on your credit history. Contact Member Services at 800-656-4328 for rate details.

The plan allows up to three fixed rate advances from your line at any given time during the 10 year draw period. If you terminate your line within the first 24 months after closing, you will be responsible for closing costs. These costs generally range from $400-$700. Closing costs do not include any taxes (if necessary). Interest begins accruing upon loan disbursal. Check with your tax adviser about tax deductibility of interest. Homeowners insurance is required. Total Mortgages/Property Value = LTV. Maximum allowed CLTV may vary by state.
  • 1APR=Annual Percentage Rate.
  • 2Repayment amounts will vary depending on the term. This example is estimated for the maximum term.

Home Equity Early Disclosure / Terms

Non-usage Fee: During the draw period, when there are no advances taken for any twelve (12) consecutive months following your anniversary date, you agree to pay the Lender a Non-Usage fee of $50.00.

Reviews

REVIEW SNAPSHOT®

by PowerReviews
HFCUHome Equity Reviews
 
4.9

(based on 109 reviews)

Ratings Distribution

  • 5 Stars

     

    (102)

  • 4 Stars

     

    (2)

  • 3 Stars

     

    (3)

  • 2 Stars

     

    (1)

  • 1 Stars

     

    (1)

97%

of respondents would recommend this to a friend.

Pros

No Pros

Cons

No Cons

Best Uses

No Best Uses
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Reviewed by 109 customers

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5.0

Fast, accurate and great rates

By 

from Colorado

Verified Buyer

Comments about HFCU Home Equity Reviews:

I want to give Carol J a special call-out. She was exceptionally helpful and quick to reply. We are out-of-state and her ability to get things done was a huge help. This was as good of a process as one could expect. Thank you Carol!

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5.0

Home Equity

By 

from Jacksonville, FL

Verified Buyer

Comments about HFCU Home Equity Reviews:

The entire HELOC process was easy with the great staff from Hanscom. They walked us through the process and assisted when needed to get the loan processed
quickly. Would recommend Hanscom to others.

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5.0

Wish I'd done it sooner....

By 

from Chelmsford MA

Verified Buyer

Comments about HFCU Home Equity Reviews:

Finally got to Billerica branch to refinance an existing HELOC which has been at 4%. Unfortunately my timing was just as another Fed rate increase happened. But, even despite that, I'm going to come out ahead. (1) Rate at HFCU is lower, and (2) with my previous one, I was in payback period, and the principal amount being applied per each payment was fixed, which I didn't completely understand. With HFCU, my payments are mostly towards principal, and it does vary based on when I make payments...so definitely better for me.

Also, opted to increase the line in case something else comes up for which I may need access to more funds. Not likely, but nice to have that cushion.

Ellie in Billerica was VERY helpful!!

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(1 of 1 customers found this review helpful)

 
5.0

Outstanding service.

By 

from Wodbridge, VA

Verified Buyer

Comments about HFCU Home Equity Reviews:

Interest rate is little high, but outstanding service, very pleasant and dedicated staff. Thank you.

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(1 of 1 customers found this review helpful)

 
3.0

Homeowner

By 

from Natick, MA

Verified Buyer

Comments about HFCU Home Equity Reviews:

The agent was very personable and informative. The processing however was poor. I had to be consistent with following up on progress of application (emails and phone calls) before getting correspondence. Upon closing it took over 10 days to get the checks for my home equity when I was told it would be approx 3-5 days. This also required me to make phone calls about the status of my checks. The agent did offer to provide me with a check at time of closing, but I didn't feel it would be necessary if I was to expect the other checks in such a short time frame. Timeliness and follow thru were poor.

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5.0

Thank you for making it fast and smooth!!!

By 

from Fremont, CA

Verified Buyer

Comments about HFCU Home Equity Reviews:

Thank you!

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5.0

Was easy process,time saver when needed and great value.

By 

from Tyngsboro, Ma

Verified Buyer

Comments about HFCU Home Equity Reviews:

This was an easy initial process and has the ability to transfer to Fix rater. When additional funds were needed you only need to write a check (big time saver).

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5.0

best service better

By 

from Suburbs

Verified Buyer

Comments about HFCU Home Equity Reviews:

I had applied at a major bank for a home equity loan, after 6 weeks I still didn't know if I was approved. Hansom let me know in 3 days!!!!!

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5.0

Out of the Box thinking!!!

By 

from Marco Island FL

Verified Buyer

Comments about HFCU Home Equity Reviews:

I had a very interesting loan, being retired and having multiple income streams with different timeframes of distribution made it interesting, but my loan officer thought outside the box to get everything threw and taken care of. Thanks

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5.0

Seamless, fast, and professional

By 

from Boston, MA

Verified Buyer

Comments about HFCU Home Equity Reviews:

I recently applied for a HELOC with HFCU and the process was definitely 5 stars. Most of the documents needed were easily accessible and could work with them almost completely electronically. I was able to access my line of credit within 2 weeks from start to finish. Susan was wonderful to work with in the Boston Branch

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*If you terminate your line within the first 24 months after closing, you will be responsible for closing costs. Please refer to the Closing Cost Addendum you received at  loan closing for the total amount of your closing costs.