Homeowners Get Some Credit

Home Equity Loan

MAFCU home equity loans and lines of credit allow homeowners to use the equity in their homes to borrow for home improvements, college tuition, credit card debt consolidation, or any other needs.

To apply click here.

MAFCU’s lending experts work one-on-one with members to help them determine how to best use their home equity credit options.  

“In the current financial environment, many people with good credit are finding it difficult to borrow money,” comments Michael Shuman, MAFCU’s Vice President of Lending. “Fortunately, MAFCU has many options for home equity products to meet members’ individual needs. We want to assist our members make borrowing decisions at the lowest rates and take advantage of possible tax benefits.” 

Below is a summary of the benefits and features of MAFCU Home Equity Loans and Lines: 

MAFCU Home Equity Loan 

• Fixed rate loan, also know as a second mortgage 

• Set payments pay the loan off 

• Also known as a closed-end or installment loan 

MAFCU Home Equity Line of Credit (HELOC) 

• Offers a revolving or open line of credit 

• You can pay the loan down to zero, or if you need to borrow money, you may write a check from this line of credit 

• Available as a fixed or variable rate loan 

• Has a ten-year period to draw funds, followed by ten years to pay back the outstanding balance with interest 

For more information, contact Michael Shuman at 617-278-5615.

MAFCU's Home Improvement Loan

Home Mortgage Loan

MAFCU’s Home Improvement Loan makes it easy for members to use their equity in their home to increase the value of their property. Members with a professional estimate for work to be done may borrow $10,000 to $40,000, based on a 95 percent Loan-to-Value Ratio. Other benefits include:

  • Low, fixed rate
  • Ability to pay back the loan over one to fifteen years
  • Potential tax advantages (check with your financial advisor to determine your eligibility)
  • Easy application process--apply online; call 617-278-5600, or stop by the Credit Union at 365 Boylston Street in Brookline
  • Click here for rates

To qualify, the property must be an owner-occupied, one-to-four-family dwelling.