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What Can DCU Save You?

Equity LinePLUS

A revolving line of credit that allows fixed-rate advances

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Home Equity Plus loans

Equity LinePLUS Features

  • Most members can finance up to 80% of your primary residence's value minus your first mortgage balance
  • 20-year draw period and 20-year repayment
  • No minimum line advance or line balance requirements
  • Low minimum payment
  • Interest may be tax deductible*

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

* Please consult your tax advisor regarding interest deductibility

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

"Great product and great service"

Open quote The customer service was excellent. Very informative and easy to work with. Helped me get the best outcome and product. Close quote

— DI, Lancaster, MA

DCU Equity LinePLUS – The Best of Both Worlds

Our Equity LinePLUS* home equity program gives you the advantages of a home equity line of credit and fixed-rate home equity installment loans in one account. Here's how...

A Convenient Line of Credit

When you open your Equity LinePLUS, you get a line of credit with these features...

  • No prepayment penalties
  • Low variable rate as low as Prime minus 1/4% on line of credit advances. Your rate is determined by your personal credit history. Rates can change monthly.*
  • No points, no closing costs**
  • No minimum line advance or line balance requirements
  • Borrow up to 80% of your home's value minus your mortgage balance***
  • Lines start at $15,000
  • Low minimum payment – Only 1% of outstanding balance due each month
  • 24-hour access to your line via Online Banking, Mobile Banking, DCU ATM, line of credit checks, and Easy Touch Telephone Teller. During business hours, you also can get advances in DCU Branches and CO-OP Shared Branch locations.
  • 20-year draw and 20-year repayment periods – Plenty of time to meet your borrowing needs without the need to refinance or apply for more.
  • Can be used as overdraft protection for your DCU Checking Account. Mention this option to your Mortgage Specialist when you apply if interested.
  • Interest may be tax deductible — Please consult your tax advisor regarding interest deductibility. The Internal Revenue Service at (publication 936) and your State Department of Revenue have more information on deductibility.

What can Equity LinePLUS be used for?

A line of credit is great for home improvement projects, college tuition, and any other major expense where you expect to see more than one bill. It's great for unexpected expenses such as car repairs or a new roof when you may not want to dip into your savings.

Equity LinePLUS line advances have variable rates because it is a type of revolving credit with no fixed term. At DCU, your rate can change up or down once each month. It's tied to the Prime Rate published in the Wall Street Journal.

Fixed-Rate Advance Feature

Once your Equity LinePLUS is open, you can have up to two advances from your line at any given time as Fixed-Rate Home Equity Loans. Each advance has a fixed monthly payment for the term of the advance. This is a popular choice for major purchases (such as a new car, motor home, or boat) or for bill consolidation. These fixed-rate advances have these features...

  • Available with terms from 5 to 20 years
  • At same rates as regular Fixed-Rate Home Equity Loans
  • Minimum fixed-rate advance is $5,000
  • As you repay the principal on your fixed-rate advance, that amount again becomes available to borrow through the line of credit
  • Automatic loan payments by transfer from one of your DCU checking or savings accounts is available through DCU or set up by you on Online Banking
  • Separate account on your statement for easy tracking

The rate on fixed-rate advances is set at the time of the request based on your personal credit history and remains fixed until the entire advance has been repaid. Please refer to a Early Federal Disclosure, available at any branch or by email request.

Why Should You Consider Equity LinePLUS?

Equity LinePLUS has some advantages over traditional home equity products...

  • More flexible than ordinary fixed-rate home equity loans – Apply once and you can borrow against your line as often as you need.
  • Match the length of the loan to the purpose – If you want to finance a car for five years with Equity LinePLUS, you can get a 5-year fixed-rate advance. To pay off a standard line of credit that fast, you'd have to remember to make additional principal payments along the way.
  • Short-term fixed-rate advances could save you interest over line advances – The rates on short term fixed-rate advances are often below Prime.

* Please refer to DCU's Early Federal Disclosure for more information on Home Equity rates, including historical rate examples. You may obtain this information by contacting DCU.

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

*** Other restrictions may apply.

‡ 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, type of property).

DCU offers Equity LinePLUS in all States with the exception of Connecticut, Texas, North Carolina, Wisconsin and West Virginia.

Home Equity LinePLUS Loans

No annual fees.

Low minimum monthly payment – Only 1% of outstanding balance. Borrow up to 80%* of your home value minus your first mortgage.

No points or closing costs.

Terms / Features Our Best Rate**
Rate Index APR
As low as Prime minus ¼% (.25%)* 4.75%

Rates are effective . Rates are variable, tied to the Prime Rate, and can change monthly.

*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).

80% Loan to Value Max. Other restrictions may apply.

Available in all states with the exception of TX, CT, NC, WI and WV.

State mortgage taxes in AL, FL, KS, LA, 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.

APR = Annual Percentage Rate.

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

Equity LinePLUS is rated 4.5 out of 5 by 284.
Rated 5 out of 5 by from It has excellent features I would say this product has excellent features and the way it has been closed is very smooth. I was working with Jordan and she has been great in the entire journey, never expected it will be close so fast.
Date published: 2018-07-16
Rated 5 out of 5 by from Great product and competitive rates I want the flexibility of the line of credit and DCU delivers it with this product. But the rates have been raising a lot so I am not sure if this will be a popular product in the long run.
Date published: 2018-07-14
Rated 5 out of 5 by from Excellent Service. One of the best product and great service by DCU .
Date published: 2018-07-07
Rated 5 out of 5 by from The best banking I absolutely love working with DCU. Every time not only do I get exceptional, friendly, knowledgeable customer service but I also know that I am getting the best product and banking option available. Highly recommend DCU!
Date published: 2018-06-25
Rated 5 out of 5 by from Comprehensive and flexible The DCU HELOC product is exactly what I was looking for. For short-medium term borrowing for home improvement expenses to the option of 2 fixed larger loans, this product offers comprehensive and flexible options.
Date published: 2018-06-23
Rated 5 out of 5 by from DCU Review I really like customer service that I have gotten throughout the loan process. The fixed interest rates are very good.
Date published: 2018-05-31
Rated 5 out of 5 by from great service Responsiveness is good, except a few unexpected delays. Overall, happy with the service and the product.
Date published: 2018-05-26
Rated 5 out of 5 by from The DCU HELOC is straightforward with no hidden fees, etc. The whole process in applying and ultimately getting the loan was very easy. I had a great representative, Catherine Becerra, who really helped things move along quickly and efficiently throughout the whole process. The loan terms and conditions are easy to understand which is GREATLY appreciated in a world where banks try to manipulate wording, etc to get you into a product that may have some hidden tricks to it. Thanks again DCU!
Date published: 2018-05-09
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I already have credit line and fixed rate. If i want to pay off fixed rate and add that amount to credit line is it possible?

I use credit line for my emergency use. When fund is not available on time i just transfer money from credit line and take care of my problems with no stress.
Asked by: JJ
I am pretty certain you can.
Answered by: Vet1969
Date published: 2015-06-27

How long the Equity Plus loan process will take?

What's the max loan amount I can get? Are the rates higher than the conventional fixed mortgage loan rates?
Asked by: Suresh
The application to closing process for us took about 3 weeks. I did not request an expedited timeframe, and at times I took a few days to provide DCU with requested documents. The maximum loan is 85% of appraised value minus any outstanding mortgages or liens on the property. The revolving line rate is variable based on the prime rate. The rates for 2 fixed lines within the HELOC are set when those loans are originated. They are similar to a 30 yr fixed mortgage product rate.
Answered by: K1rby
Date published: 2018-06-23

Appraisal fee

How much is the appraisal fee on home equity line of credit? Does It have to be paid up front?
Asked by: Mikey
There is no appraisal fee with the HELOC. After providing all of the needed documents for DCU to conditionally approve the loan, they will order the appraisal.
Answered by: K1rby
Date published: 2018-06-23

Do we as the borrower, initiate contact with an appraisal company and then approach DCU about a HELOC? Or does DCU provide an appraisal firm?

Asked by: Homeowner
DCU provided the appraisal firm.
Answered by: Grand Canyon Hiker
Date published: 2017-10-28

On a home equity line of credit can you pay interest only back or do yo have to also pay principle monthly

If $100,000.00 dollar line of credit is used what would my monthly payment be at 3.25% rate
Asked by: Charlie
With the DCU HELOC, you have a 20 year draw period, where you must pay interest on any outstanding balance, followed by a 20 year payment period, where you must pay the principal plus interest. Any outstanding balance on the line of credit is charged a variable interest rate. To calculate the monthly interest payment, take the rate, divide by 12, and multiply by the outstanding balance amount.
Answered by: K1rby
Date published: 2018-06-23
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"This was simple and easy to do"

Open quote The people we dealt with were amazing. They were extremely helpful and answered all questions we had. They did their job with professionalism and courtesy. We definitely are going to stay with DCU for all of our banking needs .Close quote

— Tom, Fitchburg, MA

Apply for a Home Equity Loan

  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.


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

Equity LinePLUS 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.

Equity LinePLUS 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.
  • How to Make Your Loan Payment – We make it easy to make your loan payment. Find out more about our convenient payment options.