Home Equity Rates
Introductory Rate Home Equity Line of Credit (HELOC)
Annual Percentage Rate (APR)*
Effective December 19, 2024 the Prime Interest Rate is 7.50%
| Introductory Rate |
5.99% APR is for the first twelve months. |
Max Term - Revolving |
| Standard HELOC (Principal and Interest Payments) | Prime - .50% of the life of the loan. Minimum APR is 3.50% | Max Term - Revolving |
| Premium HELOC (Interest Only Payment) | Prime - .50% of the life of the loan. Minimum APR is 3.50% | Max Term - Revolving |
*APR = Annual Percentage Rate. Introductory 5.99% APR is fixed 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. Variable APR equal to The Wall Street Journal Prime Rate (currently 7.50%) minus .50% for the life of the loan thereafter, with a minimum APR of 3.50% and a maximum APR of 18.00%. The current Variable rate is 7.00% APR. This rate is set on the last business day of each month and subject to change. The amount of payments may change in the event that the Prime rate changes. Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00% APR. Owner occupied properties only in MA or RI. Maximum LTV requirements apply. 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. Minimum credit line is $10,000.00. Maximum credit line is $750,000.00. There is a Minimum initial Draw requirement of $10,000 disbursed at closing. Interest begins accruing upon loan disbursal. 10-year draw period followed by a 10-year repayment period. Homeowner’s property insurance is required. Flood insurance may be required. Closing costs do not include any taxes (if necessary). No points or closing costs 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 $300–$600..
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%
Disclosure - Important Terms of Our Home Equity Lines of Credit Introductory Special
Additional Information - What You Should Know About Home Equity Lines of Credit
Home Equity Line of Credit (HELOC)
Annual Percentage Rate (APR)*
Effective December 19, 2024, the Prime Interest Rate is 7.50%
| Standard HELOC (Principal and Interest Payments) | Prime - .50% of the life of the loan. Minimum APR is 3.50% | Max Term - Revolving |
| Premium HELOC (Interest Only Payment) | Prime - .50% of the life of the loan. Minimum APR is 3.50% | Max Term - Revolving |
*APR = Annual Percentage Rate. The amount of payments may change in the event that the Prime rate changes. The current variable rate is 7.00%. This rate is set monthly and subject to change. Minimum APR is 3.50%. Maximum APR of 18%. Rates subject to change at any time. 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%
Disclosure - Important Terms of Our Home Equity Lines of Credit
Additional Information - What You Should Know About Home Equity Lines of Credit
*APR – Annual Percentage Rate. Rates subject to change at any time. Your Annual Percentage Rate, Term and Approved Loan Amount may vary based on your credit worthiness. Please ask a loan representative for details regarding how your rate is determined. Maximum LTV requirements apply. Property insurance is required. Appraisal fee and/or flood insurance coverage may be required. No points or attorney fees are associated with this loan. Applicable Trust review and recording fees apply. Other restrictions may apply. Applicable Trust review and recording fees apply. Other restrictions may apply.