Home Equity Lines
Owner Occupied Equity Line of Credit. The maximum line of credit plus the outstanding first mortgage shall not exceed eighty (80) percent of the appraised value of the real estate. Maximum dollar amount $300,000. Property insurance is required in an amount equal to or greater than the amount of the approved home equity line and 1st mortgage. The Annual Percentage Rate may vary. Annual Percentage Rate is based on the prime rate listed in the Wall Street Journal. Rate will not exceed 18% APR. The Annual Percentage Rate is current as of today’s date and is not guaranteed until a loan contract is executed. All payments will be made up of principal and interest. Fees may apply.
Fixed Rate Home Equity
Loan Owner Occupied Fixed Rate Home Equity Loan. These rates are subject to change at any time and are not guaranteed until a Fixed Rate Home Equity Loan contract is executed. Fixed Rate Home Equity Loans may be approved for up to Eighty Percent (80%) of the appraised value of the real estate, minus First Mortgage balance before minimum dollar amount. Minimum dollar amount is $10,000. Maximum dollar amount $300,000. Property Insurance is required in an amount equal to or greater than the amount of the approved loan and 1st mortgage. Annual Percentage Rate will not exceed 18% APR. Fees may apply. The Annual Percentage Rate is current as of today’s date and is not guaranteed until a loan contract is executed.
Looking for more information? Complete the form below and we will contact you!
Woburn Municipal Federal Credit Union (WMFCU) is pleased to announce the donation of $500 to the Council of Social Concern in Woburn. The donation comes following WMFCU’s social media “like” campaign in which WMFCU pledged to donate $1 for every like received on their social media pages throughout the months of February and March. On […]
If you couldn’t make it to our annual meeting, don’t worry. Here is everything that you should know about what we covered last night. Our Name is Changing Last night we officially revealed that we will be changing our name from Woburn Municipal Federal Credit Union to Common Trust Federal Credit Union (CTFCU), effective on […]
Despite improvements in banking technologies, many Americans are still unaware of how to manage their finances properly. In fact, only 48% of Americans were able to answer at least half of a set of financial literacy questions correctly. Even worse, less than 25% of millennials were able to answer basic financial wellness questions. So, how […]
Home Equity Rates
|Name||Term (in months)||APR||Loan Amounts|
|Home Equity Line 80%||Maximum draw 10 years; repay term 5 years||Prime**||Minimum $10,000 Maximum $300,000|
|Home Equity Loan 80% (fixed/second mtg)||Up to 180 Mos||As Low As 5.49%||Minimum $10,000 Maximum $300,000|
APR - Annual Percentage Rate
* Actual APR based on credit history and term
**PRIME RATE IS CURRENTLY AT 5.50%
Rates are subject to change without notice.