Home Equity Loans
First New England Federal Credit Union offers loans from $10,000 to $400,000 with absolutely no fees or closing costs. You may use the money you borrow for any purpose - home improvement, debt consolidation, education, a new car, your dream vacation, etc. - and, in most cases, the interest is tax deductible (consult your tax advisor).
- Low Fixed and Variable rates
- Convenient terms -10 year line with up to a total of 25 years for repayment!
- Quick convenient on line application
- 24 hour approvals and closings in as few as 3 days
- Even if you've had credit problems, we can help you get a fast, affordable home equity line of credit!
- Convenient payment options - by mail, in person, automatic deduction from your Credit Union Savings or Checking account, Call 24, or Home Banking.
- Flexible payment amounts; Interest only minimum payments or choose an amount that will satisfy you financial goals. If you choose the minimum payment option, this may result in an outstanding principal balance that is greater than the minimum payment less than the credit limit, becoming due and payable at contract maturity.
- As you repay the loan, your available credit is restored by the amount of principal reduction. You may take up to 15 years to repay the loan after the 10-year open line period ends. There is no prepayment penalty on any Home Equity product.
- 2 types available -HELOC to 80% & HELOC to 100% of your home's value.
Apply online through our homebanking site. No homebanking? Use our extended form to apply online.
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