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What Can DCU Save You?

Fixed-Rate Home Equity Loans

One large advance for whatever you need



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fixed rate home equity

One advance for one purpose

  • Fixed rate and term
  • Equal monthly payments
  • No points, no closing costs
  • Borrow up to 90% of your home's value minus your first mortgage*
  • Borrow up to 20 years

Read Why Home Equity Loans to learn why home equity loans are a good option to finance the major purchases of your life.

* Up to 80% outside of Massachusetts and New Hampshire. Other restrictions may apply.

Please refer to Details and Rates tabs for additional information and important disclosures.

"You guys are awesome to work with"

Open quote Thank you very much for working with me during the application process for my Equity Loan. You were very quick, friendly, professional and a pleasure to do business with as usual.  Close quote

— Pat, Middleton, MA

DCU Fixed-Rate Home Equity Installment Loans

A Fixed-Rate Home Equity Installment Loan is much like an auto loan in that you get the full amount at the start of the loan and pay it down in equal payments for the term you selected.

DCU's Fixed-Rate Home Equity Loans offer you...

  • Low competitive fixed rates – Your actual rate is determined by your personal credit history
  • Finance up to 90% of your home's value minus your first mortgage. Up to 80% outside Massachusetts and New Hampshire*
  • No points, no closing costs**
  • Loans from $15,000***
  • Borrow up to 20 years – A shorter loan term means a lower interest rate. A longer loan term will give you a smaller monthly payment.
  • No pre-payment penalties
  • Available in all 50 states

* Other restrictions may apply.

** Excludes state mortgage taxes in FL, KS, MD, MN, NY, OK, TN, and VA.

*** Please be aware that current market conditions may limit the amount of financing DCU can provide (examples: low property values, property located in a declining value area).

Home Equity Fixed-Rate Installment Loan Rates

Borrow up to 90% of your home value minus your first mortgage in Massachusetts and New Hampshire – 80% in other states.*    No points or closing costs.

Terms / Features Our Best Rates**
  Up to 80% of home value***
  Rate APR Estimated Monthly Payment
per $1,000
Up to 5 years 3.49% 3.49% $18.19
Up to 10 years 3.74% 3.74% $10.00
Up to 15 years 3.99% 3.99% $7.39
Up to 20 years 4.74% 4.74% $6.46
 
  Up to 90% of home value***
  Rate APR Estimated Monthly Payment
per $1,000
Up to 5 years 4.24% 4.24% $18.53
Up to 10 years 4.49% 4.49% $10.36
Up to 15 years 4.74% 4.74% $7.77
Up to 20 years 5.49% 5.49% $6.87

Rates are effective .

*Please be aware that current market conditions may limit the amount of financing DCU can provide (examples: low property values, property located in a declining value area).

90% Loan to Value for MA and NH Primary Residence only.

Assumptions: $20,000 Home Equity, MA, Worcester County, 740+ FICO.

State mortgage taxes in FL, KS, MD, MN, NY, OK, TN, and VA.

**Rates are determined by your personal credit history. Our Best Rates are for members with the best credit. Other rates may apply

***Minus the balance of your first mortgage.

Investment Property Home Equity Loans are limited to one loan per member, a $50,000 maximum loan amount and an 1% increase in rate.

APR = Annual Percentage Rate.

Please refer to the Features and Details tabs for more information.


Fixed-Rate Home Equity Loan is rated 4.5 out of 5 by 333.
Rated 5 out of 5 by from This Product has many good features! We are extremely happy and couldn’t be any more satisfied with the great service and experience that we received! Thank you!
Date published: 2017-10-21
Rated 5 out of 5 by from Quick, friendly, and efficient service - all digital I originally called to begin the application process, thinking that it would be faster and more helpful if I spoke with a person directly. It was a little strange that the person I spoke with just directed me to online and do the whole application, but it turned out that the whole process went perfectly by doing everything electronically. The support staff were prompt and helpful, and in the end I think it was easier than if I'd done all the paperwork by mail or in person.
Date published: 2017-10-09
Rated 5 out of 5 by from good experience Good people, very helpful and professional. I am glad I chose them.
Date published: 2017-10-03
Rated 5 out of 5 by from Great rate with awesome Service Receiving great service with the industry's best rates for last seventeen years, keep it up!
Date published: 2017-10-02
Rated 5 out of 5 by from Excellent process We had a number of issues during the process including a last minute scheduling issue and everything was handled professionally and DCU came through. Nothing but praise for everyone involved.
Date published: 2017-10-01
Rated 5 out of 5 by from This product is great!! They have great rates and I believe that it one of the best credit unions around!!
Date published: 2017-10-01
Rated 5 out of 5 by from Exceptional, courteous and fast customer service from application to funding We used DCU for all our mortgage needs primary as well as equity loans multiple times based on interest rates going up and down and other financial needs. DCU is always our first choice. Exceptional, courteous and fast customer service from application to funding. We nowhere found this type of customer service and customer first attitude with any big banks or other financial institutions. Please continue doing the great job that you always do. Thank you, DCU.
Date published: 2017-10-01
Rated 5 out of 5 by from Dcu always excellent and a pleasure to work with. DCU is always a pleasure to work with. They are friendly, efficient, and swift.
Date published: 2017-09-30
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Are there any prepayment penalties with your home equity loans?

Asked by: DCU Member
There are no prepayment penalties!
Answered by: Donna46
Date published: 2017-03-04

Home Equity Loan - How is current value of home determined? That is, is it re-appraised or tax records or other? Thank you.

Asked by: dmb4371
A "Collateral Point" Appraisal. Which in my case meant an appraisal that came in 18% less than a real appraisal I had 9 months ago. Even though prices are rising both in my town and in my neighborhood. If you have a real LTV close to their limits, fully expect a poor result.
Answered by: Unhappy DCU member
Date published: 2017-09-23

Are there any closing costs associated with your home equity loans?

Asked by: DCU Member
I just took fixed home equity loan and there was no other costs.
Answered by: hari
Date published: 2013-10-23

I am in IL, Aurora . I want to refinance my mortgage. I want to know what are the closing cost.

Currently I am in FHA 5/1 ARM. I am looking for the fixed mortgage. Can I get the 90% of the loan in IL? Currently I am dcu member from last 14 years.
Asked by: Sudhakar
They should be able to accomodate your loan re-financing. Call the DCU loan officers and discuss your options. There is no obligation to lock- in or commit to a loan for the initial inquiry. Just tell them what you need.
Answered by: Jgon0627
Date published: 2013-10-23

Approval Criterior?

What is the minimum credit score accepted for approval?
Asked by: Mandalyn
The score has to be above 650.
Answered by: Jgon0627
Date published: 2013-10-23
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"Great customer service"

Open quote Getting an equity loan these days is difficult because of all the extra requirements. I interacted with many people at DCU during the course of getting a loan. Every one of them was knowledgeable, courteous and not once did they drop the ball. I highly recommend. Close quote

— 1HappyCustomer, Arlington, MA

Easy Ways To Apply Today

  1. Apply Online – 24 hours a day, 7 days a week.
  2. Apply by phone – 24 hours a day, 7 days a week call 800.328.8797 or 508.263.6700 and press 3.
  3. Any DCU Branch – Visit your local branch.

"Excellent"

Open quote I spoke to several loan officers during the process and every one was so willing to help and answer any question I had about my loan. My wife and I felt very comfortable with the way everything was handled and hope to do more business with you in the future. Close quote

— MOE, Derry, NH

Home Equity Loan Resources

  • Loan Payment Method Authorization (.pdf format) – Use to have DCU set up electronic loan payments by transfer from your DCU savings or checking account. Note: you can set this up on your own with Online Banking Automatic Transfers.
  • Subordination Disclosure Authorization (.pdf format) – Use to request a subordination agreement on a Home Equity Loan.
  • Homeowners Insurance from DCU – You can count on us for good service, good value, and expert help in choosing the best homeowners or renters insurance solution for you and your family.

Home Equity Loan Related Links

  • Loan Calculator – Use these calculators to determine an approximate loan payment based on the loan amount (loan cash), term, and credit history standing. This helps you see if a loan will fit within your budget.
  • StreetWise Guide to CreditStreetWise guide helps you understand how credit works, how to use it responsibly, how to know if you are having difficulty with it, and what to do if you are.
  • Calculate Finance Charges – Sometime members have questions about how Finance Charges or Interest on their DCU loan accounts are calculated. This information is designed to make the information in your loan disclosures a little easier to understand.
  • Schedule of Fees and Service Charges – Details regarding member benefits that may help you avoid fees.
  • Financial Wellness and Recovery – Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help.