Lexington MA Federal Credit Union

Home Equity Loans

These loans are typically used for major expenses such as home renovations, debt consolidation, or funding educational expenses. The loan amount is based on the equity in the home, and members receive a lump sum payment that is repaid over a fixed term.

Home Equity Loan Procedure and Rate as of June 2023*

Availability and Qualifiers

  • Qualified Property – The loan must be on real estate property located in Commonwealth of Massachusetts, limited to 1-3 family dwellings or a mobile home on owned land that is the principal residence of the member.
  • Loan-To-Value – Maximum LTV is 75% on home equity real estate secured loans
  • Lienholders – The Lexington MA FCU shall be no lower than 2nd lienholder on the proposed mortgaged property

Terms and Rates

The maximum term of the loan shall be 144 months at fixed rate, as follows;

Term APR**
60 Months 6.70%
120 Months 7.70%
144 Months 8.70%

Loan Amount

The maximum loan amount shall be $75,000.00


The member must complete the appropriate application and submit it for review by the credit committee. Following documents must be submitted with the application;

  • Previous year’s tax returns and last two current paystubs
  • Most recent mortgage statement.
  • Most recent tax bill.

Closing Fee

The Credit Union shall pay 50% of the closing costs, up to but not exceeding $250.00 . Closing may take place either at the Lexington MA FCU branch, or the office of the legal counsel representing the Credit Union.

* Rates are subject to change at any time and not published rate is no guaranteed until contract is executed.

** APR- Annual Percentage Rate. The payment sample shown is approximated, final cost of the loan will depend on multiple factors and will be disclosed before closing: Borrow $75,000 at 7.7% for 120 months, pay $11.97 per $1,000 borrowed.