Home Equity Fixed Rates

General Criteria

Minimum loan $10,000/Maximum loan $100,000. Refinance** Fixed Rate Equity Loan Applications must add at least $10,000 to an existing Fixed Rate Equity loan balance or pay a $325.00 NON REFUNDABLE Fee.

Hazard Insurance(s) naming Milford Federal Credit Union as a mortgagee will be required on all loans. You are required to pay all premiums as due for the Hazard Insurance(s).

Credit Life/Disability Insurance up to $30,000.00 is available separately.

Properties with "In-Ground" oil tanks may not be acceptable.

SECURITY INTEREST: Generally, this loan should be in no less than 2nd lien position. We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us.

Late Charges: A late charge of $15 will be assessed after ten (10) calendar days of delinquency.

TAXES: Your interest may be tax deductible. You should consult your tax advisor regarding deductibility.

HOME EQUITY FIXED RATE

For Home equity loans up to 75% of the value * minus any remaining mortgage balance.

TERM 5 YEARS Rate 5.65%APR 5.65%
TERM 6 TO 10 YEARS Rate 6.15%APR 6.15%
TERM 11 TO 15 YEARS Rate 6.65%APR 6.65%

Payment (e) example for $10,000 loan for 5 years: $191.75 per month
Payment (e) example for $10,000 loan for 10 years: $111.81 per month
Payment (e) example for $10,000 loan for 15 years: $87.97 per month

Contact a Representative at (203)877-0080

(e) = Estimate. Interest on all loans is calculated daily.
* Method to determine value is at the sole discretion or Milford Federal Credit Union.
** We reserve the right to limit no fee refinances to 2 times during any 5 year period.