A quick look at a Home Equity Line of Credit:
- Choose your access. Tap into your credit line by visiting one of our branches or managing your account from a computer or mobile device.
- Know your limits. You can borrow up to 80% of the equity you have in your home. Equity is the difference between your current mortgage balance and your home’s market value.
- Eliminate your fee. The annual fee of $30 will be waived if you have your monthly payment automatically withdrawn from a Workers checking account.
- Change your mind. Lines of credit can be converted to fixed-rate loans.
- Ask your accountant. Interest paid on lines of credit may be tax deductible. Your tax professional can provide you with details.
A Quick Fix for Your Cashflow Crunch
It’s a do-it-yourself world. Cell phone cameras turned everyone into a photographer. Online trading created countless stockbrokers. Drivers morph into auto mechanics after watching YouTube videos. Now you can be your own loan officer. With a home equity line of credit, we set an overall limit and you decide when borrowing money is better than blowing a hole in your monthly budget. It’s a good way to cover periodic tuition bills or pay off contractors after each phase of a home improvement project. That is, if you’re not doing all the work yourself.
Workers Credit Union provides banking services to greater Chelmsford, Westford, Groton, Townsend, Lunenburg, Lancaster, Leominster, Fitchburg, Orange, Lowell, Worcester, and Athol, MA. Apply for your Home Equity Line of Credit online or contact us with any questions.