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Make your house into the home of your dreams with an RTN Home Equity Loan or Ready Line Home Equity Line of Credit (HELOC). You can build an addition, install a designer kitchen or finance a variety of home improvement projects simply by using funds from the equity in your home. You may also receive a tax deduction, but check with a tax professional to be sure.

Home equity loans and HELOCs are great for other purposes as well, including paying off loans or financing a college education. You also can use a home equity for a down payment on your second home.

Home equity products also are known as second mortgages. Like your original mortgage, your home is used as collateral for the loan.

RTN Home Equity Loans and Ready Line Home Equity Line of Credit are available for members borrowing against the equity in their primary one-to-four family homes and vacation homes located in Massachusetts, Maine, New Hampshire and Rhode Island. All standard costs are paid by RTN except for the recording charges at the Registry of Deeds.

Fixed-Rate Home Equity Loans

With a fixed-rate home equity loan, you receive a specific sum and make the same payment on a regular basis. The loan is paid in full at the end of the term.

Features include:

• Terms up to 20 years
• Borrow from $5,000 to $250,000
• Borrow up to 80% of your home’s or condominium’s value, less your present mortgage (up to 85% if your first mortgage is with RTN)
• Appraisals may be ordered at the member’s expense
• A cancellation fee of approximately $300 will apply if the loan is paid in full and closed within the first three years

Variable Rate Home Equity Line of Credit (HELOC)

For the first ten years, a HELOC works like a revolving credit card where you have the flexibility to use as much of the line you choose up to your credit limit. In other words, you spend the money when you need it. And as you pay down your credit line, the funds become available to borrow once more. You only pay interest on the funds you have drawn.

Features include:

• 0.50% below the prime lending rate (as listed in The Wall Street Journal on the statement cycle date), good for the life of the loan with a floor of 4.00% for a Ready Line HELOC and 2.50% for a Home Sweet Home HELOC
• Borrow from $20,000 to $250,000 for a Ready Line HELOC and $25,000 to $250,000 for a Home Sweet Home HELOC
• Member can receive a checkbook or initiate an advance online
• Appraisals may be ordered at the member’s expense
• A cancellation fee of approximately $300 will apply if the line of credit is paid in full and closed within the first three years

For the first ten years, interest-only monthly payments are due on the balance outstanding. For all terms and conditions, see the Important Terms of the RTN Ready Line Home Equity Line of Credit provided at the time of application.

Additional payments can be made without penalty.

*If you have your first mortgage with RTN or have no first mortgage with any lender, you may be eligible for our new HELOC, Home Sweet Home. Qualified members receive an introductory rate of 1.99% APR* for the first six months. After six months, the monthly variable rate is 0.50% below the prime lending rate (as published in The Wall Street Journal) for the life of the loan, with a floor of 2.50% APR. Lines of credit from $25,000 to $250,000 are available. Members must have a minimum credit score of 640 and a maximum debt-to-income ratio of 45%; other terms and conditions apply. See our rates page for details.

Our Mortgage Specialists are available to answer your questions and concerns. Contact us at 781-736-9859 or mortgage@rtn.org.

You may also visit an RTN branch to meet with one of our Mortgage Consultants.

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Home Equity Loan
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HELOC
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