Looking to extend your budget for big expenses? Borrow against the equity of your home with a home equity loan or line of credit. Home equities offer lower rates than traditional personal loans and larger financing amounts, up to 80% of the value of your owner occupied home, less your first mortgage.
Webster First is pleased to offer two choices for home equity financing:
Home Equity Line of Credit
Borrow what you need, when you need it with a home equity line of credit (HELOC.) With a Webster First HELOC, you don’t have to carry a balance, and the line of credit may stay open as long as you maintain ownership of your home.
- Rates as low as 2.740% APR* View all Rates >
- No closing costs for HELOC amounts of $15,000 or more
- No annual fee
- Use your HELOC to fund a variety of expenses with funds available when you need them
- Click here to view our Home Equity Line of Credit disclosures
*Annual Percentage Rate (APR) is 1.89% fixed for first 24 months then prime. Offer based on a loan to value of 80% and under. After first 24 months, the maximum APR is 15%, minimum APR is 3.50%. Minimum monthly payment of $50. Homeowners insurance is required for the life of the loan. Offer available on owner occupied 1-4 family residences only. Offer of credit is subject to approval. Rates apply to new Home Equity Line of Credit borrowers only. Borrowers must qualify per Webster First Federal Credit Union guidelines. Offer effective as of August 16, 2016, subject to change without notice.
Home Equity Loan
If you prefer steady payments over time, or have a fixed amount in mind you’d like to borrow, a home equity loan can help you to extend your budget.
- Rates as low as 3.846% APR** View all Rates >
- Rate is fixed for the life of the loan
- Terms available up to 15 years
- No closing costs for lending amounts of $15,000 or more
**Annual Percentage Rate. Rates are subject to change at any time without prior notice. Rate will be determined upon approval based on your credit history.
Ready to Apply? Let's Get Started!
Applications for HELOCs and home equity loans are available at one of our local branches or by phone. A downloadable application is also available, which may be completed and brought with you to a branch, or mailed to:
Webster First Federal Credit Union
Attn: Mortgage Origination Department
271 Greenwood Street
Worcester, MA 01607
Home Equity FAQs
Simply stated, home equity is what your home is worth, minus anything you owe.
A home equity generally offers greater lending amounts and lower rates than personal loans. If you are looking to finance a larger amount, such as the cost of a home renovation or addition, a home equity may be the right choice for you.
Choosing the right type of home equity for you is a personal choice that will depend upon your financing needs. A HELOC provides the flexibility of a credit line that can be used at any time as long as you maintain ownership of your home. A home equity loan offers the financing amount up front, and steady payments over the life of the loan. For assistance in determining which may work best for your needs and budget, call us at (800) 962-4452 or visit your local branch
Webster First offers financing for up to 80% of the value of your owner occupied home, less your first mortgage. To determine the amount you qualify for, call us at (800) 962-4452 or visit your local branch