Home Equity Loans

Your home may be your largest asset. Let NEFCU help you utilize it. Access the benefits within your home by using the equity in your house to fund education for your children, purchase a new vehicle, make improvements to your home, or to take a vacation. You may receive a tax benefit for doing so! (See your tax advisor to learn if you would qualify for a tax benefit.)

NEFCU offers Home Equities as fixed rate term loans or as a revolving line of credit. You can choose the loan that is right for you so your payments stay manageable.

Home Equity Line of Credit (HELOC)

This variable rate revolving line of credit puts you in control. Need cash now? Take funds when needed, or get peace of mind knowing your money is available when you need it - use it as a line of credit. You control how much you owe by how much you borrow.

Flexible Payment Options*

  • Home Equity Line of Credit (HELOC): During the “Advance Period”, pay $12 per $1000 borrowed (or $50 as your minimum) of your outstanding principal.
  • Home Equity Line of Credit Interest-Only (HELOC Interest-Only): For the first 5 years make interest-only payments; then pay $12 per $1000 (or $50 as your minimum) of your outstanding principal balance for the remainder of your “Advance Period”. "Advance Period" means you have 15 years to draw against the line and then after that draw period you have another 15 years to repay.

*Or you can choose to pay down principal as well- it's your choice. 

Home Equity Line of Credit

  • Effective:  02-10-2016
Annual Percentage Rate1 Index2 Margin Loan to Value3 Alert Me
3.50% 3.50% - 0.50 up to 80%
4.75% 3.50% +1.25 80.01% - 85%
Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed.
  • 1All rates quoted are subject to change monthly, the maximum interest rate is 18% and the minimum interest rate is 3.50%. The rate may increase after the consummation of the loan. These are our posted rates; your rate could vary according to your credit.
  • 2The Index is the Prime Rate published in the Wall Street Journal on the last Wednesday of each month.
  • 3Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.
 

Institutional ID # 446767

Home Equity Plus

The proceeds of this loan are fully disbursed at the loan closing. Principal plus interest payments begin immediately for the term of the loan. This loan is good for amounts known to you and that you want to repay in a specific time period. It is good for the purchase of autos, RVs, ATVs, education expenses and vacations.

Home Equity Plus

  • Effective:  02-10-2016
Annual Percentage Rate1 Term Monthly Payment per $10002 Loan to Value3 Alert Me
3.49%4 5 years $18.19 up to 80%
4.24%4 10 years $10.25 up to 80%
5.24%4 15 years $8.04 up to 80%
Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed.
  • 1These are our posted rates; your rate could vary according to your credit.
  • 2The payment amount may be higher if escrows for property taxes, homeowner's insurance or mortgage insurance are applicable.
  • 3Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.
  • 4Fixed Rate
 

 

Home Equity Plus CLTV 80.01% to 85%

  • Effective:  02-10-2016
Annual Percentage Rate1 Term Monthly Payment per $10002 Loan to Value3 Alert Me
4.49%4 5 years $18.64 up to 85%
5.24%4 10 years $10.72 up to 85%
6.24%4 15 years $8.57 up to 85%
Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed.
  • 1These are our posted rates; your rate could vary according to your credit.
  • 2The payment amount may be higher if escrows for property taxes, homeowner's insurance or mortgage insurance are applicable.
  • 3Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.
  • 4Fixed Rate
 

CLTV is combined loan to value.

Institutional ID # 446767

MyChoice Mortgage

NEFCU puts you in control of the refinancing process.

With NEFCU’s MyChoice Mortgage, we don’t choose the terms of your loan – you do! Just pick the interest rate or the loan term that best suits your needs and get a mortgage that is truly tailored to your individual goals. Here’s how it works:

    1. Choose your fixed rate – from as low as 1.625% APR*; or
    2. Choose your term – from 1 to 10 years

    The lower the term, the lower the rate!

      NEFCU’s MyChoice Mortgage is designed to be quick and easy. No appraisal is needed (in most cases) and closing costs are generally limited to $150. As a result, it is a great way to:

      • Pay off your mortgage on your own schedule
      • Save money by reducing your interest rate
      • Tailor your mortgage to your financial goals
      • Reduce your overall debt

      Ready to learn more? Call us at 866-80-LOANS, visit the NEFCU branch nearest you, or apply online.

      Apply for a MyChoice Mortgage

      *APR=Annual Percentage Rate. The APR is the Credit Union’s “as low as” rate effective January 15, 2015. PAYMENT EXAMPLES: The monthly payment on a 10 year loan with a rate of 2.75% APR would be $9.55 per $1,000 borrowed. The monthly payment on a 1 year loan with a rate of 1.625% APR would be $84.07 per $1,000 borrowed. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. Rate listed is for a refinance mortgage on owner-occupied single family detached primary residences only. Other restrictions may apply.

      Institutional ID # 446767