Great, friendly experience
No Application Fees
No Minimum Draw Requirements
No Closing Costs*
*If you terminate your line within the first 24 months after closing, you will be responsible for closing costs.
Please refer to the Closing Cost Addendum you received at loan closing for the total amount of your closing costs.
|Line of Credit and MasterCard Platinum Credit Card||APR1||Payment per $1,0002||Alert Me|
|To 75% LTV (Prime - 1/2%)||5.00%||Varies||Receive a notification when this rate changes|
|76% to 85% LTV (Prime + 1/2%)||6.00%||Varies||Receive a notification when this rate changes|
|Over 85% LTV (Prime + 1 1/2%)||7.00%||Varies||Receive a notification when this rate changes|
|Fixed Rate Advance - To 75% LTV||Alert Me|
|Up to 5 years||4.74%||$18.75||Receive a notification when this rate changes|
|5 to 10 years||5.24%||$10.72||Receive a notification when this rate changes|
|10 to 15 years||5.49%||$8.17||Receive a notification when this rate changes|
|15 to 20 years||6.24%||$7.30||Receive a notification when this rate changes|
|Fixed Rate Advance - 76% to 85% LTV||Alert Me|
|Up to 5 years||4.99%||$18.98||Receive a notification when this rate changes|
|5 to 10 years||5.49%||$10.97||Receive a notification when this rate changes|
|10 to 15 years||5.74%||$10.97||Receive a notification when this rate changes|
|15 to 20 years||6.49%||$7.60||Receive a notification when this rate changes|
|Fixed Rate Advance - Over 85% LTV||Alert Me|
|Up to 5 years||5.24%||$18.98||Receive a notification when this rate changes|
|5 to 10 years||5.74%||$10.97||Receive a notification when this rate changes|
|10 to 15 years||5.99%||$8.43||Receive a notification when this rate changes|
|15 to 20 years||6.74%||$7.60||Receive a notification when this rate changes|
|Apply for a Home Equity||Receive a notification when this rate changes|
|Contact Member Services at 800-656-4328 for rate details. Hanscom FCU offers Home Equity Plans on primary residences to our members nationwide, with the exception of Texas, Alaska, Hawaii, and New York.
The plan allows up to three fixed rate advances from your line at any given time during the 10 year draw period. If you terminate your line within the first 24 months after closing, you will be responsible for closing costs. These costs generally range from $400-$700. Closing costs do not include any taxes (if necessary). Interest begins accruing upon loan disbursal. Check with your tax adviser about tax deductibility of interest. Homeowners insurance is required. Total Mortgages/Property Value = LTV. Maximum allowed CLTV may vary by state.
Great, friendly experience
Julie made the process easy and smooth!
Well pleased indeed, great service and reasonable terms and rates, thank you.
Cape Cod, MA
Thank you Carol for your guidance and great customer service.
Best Credit Union around. Lowest rates, best services, free checking, and annual bonus dividend payouts. What more can you ask for?!
The speed of this loan from the initial call until the final approval was unbelievable. The loan officer answered all my questions and provided plenty of information. I am very pleased!
Anna handled my loan process. She was absolutely fantastic. She handled all matters professionally and quickly, plus kept me in the loop at all times.
Tom the drafter
North Reading, MA
Efficiently accommodated my needs
Horrible experience using Hanscom for our first HELOC. Application and Heloc closing process were easy and the manager we worked with was responsive and kept us updated. After the HELOC closing we did have to sign another form they had forgot. Then about a week after closing when we were expecting our loan to become available for use, we received notice that Hanscom was freezing our access to the loan (which we hadn't even used yet) because two mortgages (from the previous home-owners) still did not have discharges on record. Despite the fact that we have proof from our closing documents these mortgages for the prior owners were paid off at/before the primary closing, Hanscom will only allow us access to the credit line once discharges are recorded. Apparently they failed to check for outstanding liens on the property BEFORE the closing and decided to check and inform us only after our right to rescind the heloc ended. I would recommend using a company that knows how to properly check property titles and does so with due diligence before the closing so you have no surprises. After questioning Hanscom insisted this would not reflect badly on our credit report. However, the frozen Heloc does show up on our credit report with zero available credit. It would have been helpful to know about these missing discharges before they closed our loan, instead of having them fund a line then revoke access in the same day and report our line as zero to the credit agencies. Go with a company that knows what they are doing!
Not Good for Helocs
Our phone calls and e-mails were not returned unless the agent needed something specific from us. We were not informed where in the process we were. We were told that our application was approved and signed papers.Then a week or so later, we were told that there'd been a problem with the title search. We were on vacation and had questions but weren't getting them answered. We got no assistance understanding what to do with getting previous lines of credit discharge.