It's amazing how quickly we build equity in our homes. Since a home is usually our largest lifetime investment, it makes sense to have its equity work for us. This is, however, dependent upon securing a good rate, term and repayment plan. ValleyStone Credit Union®'s home equity program makes it easy. And in most cases, the interest is tax deductible.

We offer two Home Equity products: Home Equity Loan and Home Equity Line of Credit (HELOC).

Home Equity loan has a fixed term and rate.

HELOC has a variable rate based on Prime rate with 10 year draw period and 10 year repayment period. During draw period payment on interest and half percent of principal is required.

For both products*:

• No closing costs
• Financing up to 80% of the value of the property
• Must be Massachusetts owner occupied one or two family properties
• Minimum loan amount of $5,000.00 maximum loan amount $150,000.00
• If loan is paid off and discharged in the first 24 months there is a pre-payment penalty of:
  • $250 on HELOC loans
  • three months of interest on Fixed Home Equity loan

When applying please submit:

• Completed and signed application
• Proof of income:
• Two most recent paycheck stubs
• Last two years W-2s
• If self employed - last two years tax returns
• Copy of tax bill showing assessed value of the property
• Copy of most recent Deed
• Copy of most recent first mortgage statement
• If proceeds of loan will be used for debt consolidation we need payoff statements for all debts to be paid

Apply online