SCU Credit Union Go to main content

We see you

finally getting your

own bathroom

masthead banner

We see you

finally getting your

own bathroom

Put the Equity in Your Home to Work for You

Low Intro Rate Home Equity Are you looking to tackle home improvements, consolidate debt, or manage major expenses without refinancing your low mortgage rate? Our Home Equity Line of Credit (HELOC) is the perfect solution to unlock the potential of your home's equity. With our Premium HELOC, you can enjoy flexible, interest-only payments for up to 10 years before the repayment period begins. This gives you the freedom to manage your finances in a way that works best for you. Whether you're planning to finally renovate your kitchen, make a major purchase, cover unexpected emergencies, or simply consolidate high-interest debt, our HELOC offers a smart and efficient way to use your home's equity.


Information and Options

We lend up to 80% of the assessed value or up to 80% of the appraised value less the remaining balance on your first mortgage on 1-4 family owner occupied residences.

Our Premium Home Equity Line of Credit features interest only payment during the draw period.

With the Standard Home Equity Line of Credit you pay principal and interest during draw and repayment periods.

We also offer low fixed-rate home improvement loans. We lend up to 90% of tax assessed value or up to 95% of the appraised value less applicable Mortgage Balance.



Renovated bathroom updated after getting a SCU Credit Union HELOC

HELOCs Explained



HELOC - What is LTV Loan to Value

Why is it Important

Learn More

HELOC - What is a draw period

What is a Draw

Learn More

Not a member yet?

Membership in SCU Credit Union is open to people residing or employed in the counties of Norfolk, Suffolk, Middlesex, Plymouth, Barnstable or Bristol of the Commonwealth of Massachusetts and Providence, Bristol and Newport counties of the State of Rhode Island. Additionally, family members of eligible persons may apply for membership regardless of location. A family member shall include a spouse, son, daughter, mother, father, sister, brother, aunt, uncle, cousin, grandparent, or grandchild.


Joining is simple!

Why join SCU Credit Union? Because membership is more than being just a customer. You are part-owner of a financial cooperative that strengthens and builds the communities around you. Keeping your money in a community credit union helps your neighbors and local businesses reach their financial goals and prosper. To become a member, all you need is a $5.00 Savings Account. You can open your account online or stop by a branch near you.



Promotional Rate HELOC Questions

Home Equity Line of Credit

Annual Percentage Rate (APR)*
Effective July 27, 2023 the Prime Interest Rate is 8.50%

Introductory Rate

5.99% APR is for the first twelve months.

Max Term - Revolving
Standard (Principal and Interest Payments Prime - .50% of the life of the loan. Minimum APR is 3.50% Max Term - Revolving
Premium (Interest Only Payment) Prime - .50% of the life of the loan. Minimum  APR is 3.50% Max Term - Revolving


*APR Annual Percentage Rate. 5.99% APR is for the first twelve months. After the first 12 months, the rate on the outstanding balance will revert to a Variable APR at .50% below the prime rate as published in the Wall Street Journal on the last business day of each month. Effective July 27, 2023, the Prime Interest Rate is 8.50%. The current variable rate is 8.00%. This rate is set monthly and subject to change. The amount of payments may change in the event that the Prime rate changes. Minimum APR is 3.50%. Maximum APR of 18%. Rates subject to change at any time. There is a Minimum initial Draw requirement of $10,000 disbursed at closing and lines are available up to $500,000. Interest begins accruing upon loan disbursal. Maximum LTV requirements apply. Available on 1-4 family owner occupied residences. Property insurance is required. Appraisal fee and/or flood insurance may be required. Closing costs do not include any taxes (if necessary). No points or closing attorney fees are associated with this loan. Applicable Trust and Power of Attorney review and recording fees apply. If the line of credit is paid off within 36 months, the borrower will be responsible for waived closing fees. These costs generally range from $500-$900.

Consult your tax professional regarding deductibility of interest. Limited time only. SCU Credit Union reserves the right to discontinue the program at any time without notice as well as to disqualify members from this promotion at its sole discretion. A $5 primary share account is required for membership for each borrower. Membership eligibility required. Subject to creditworthiness. All loans are subject to credit approval. Other restrictions may apply.

Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%