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Flex Equity Line of Credit

We bend over backward to give you extra financial flexibility.

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  • Flexibility to access funds anytime
  • Great low intro rate
  • Lock in* fixed-rate advances anytime
Flexibility to access funds anytime
Great low intro rate
Lock in* fixed-rate advances anytime
Flex Equity Line of Credit Home Equity Loan Accessory Dwelling Unit (ADU) Financing Investment Flex Equity Line of Credit Home Improvement Loans Refi Home Loan

The money's right there, anytime you need it

Next week it could be car repairs. Next month it could be tuition costs. Next year it might be a new fridge, a smartphone or a family vacation. You can't predict every future expense, but you can be prepared. A Flex Equity Line of Credit is a low-cost loan you can tap into anytime at all to pay for whatever comes next.


Flex Equity Line of Credit
  • Choose an intro rate for 12-months at 5.74% APR* or 24-months at 6.24% APR*.  
  • Credit limit based on your home's equity
  • Fast access to funds via eBanking, phone banking or WCCU branches
  • Interest is charged only on the amount actually borrowed


And this line of credit comes with a twist!

Most credit lines come with a variable rate. That's also the case with WCCU's Flex Equity Line of Credit. But here's where we're different:

  • If you like the current interest rate, you can request a cash advance and then lock in that rate on that portion of your loan
  • In fact, you can lock in four fixed-rate advances at any one time
  • By locking in rates, you gain the benefit of stable monthly payments and can potentially save money in long-term interest charges

We'll help you make the most of this line of credit.

Apply Now View Rates

FAQs

A Home Equity Loan provides you with a specific amount of money and has a fixed rate and a fixed term. The  monthly payments include principal and interest.

A Home Equity Line of Credit gives you access to money when you need it. It has a variable rate that will adjust with the Prime Rate. Monthly payments are interest only but you can paydown on the principal at any time. 

Our Flex Equity Line of Credit offers the best of both worlds! It is a Home Equity Line of Credit where you can access money anytime you need it but also, offers you the ability to lock into 2 fixed rate advances at any time! 

Typically, it takes about 3-4 weeks to close on a Home Equity Loan or Line of Credit. 
At closing, there will be a recording fee, which is $78 for Rhode Island and $140 for Connecticut. Additionally, for lines over $250,000, a processing fee of $475 will apply.
There are no fees to prepay your Flex Equity Line of Credit however, there is a termination fee of $500 or 2% of the loan amount whichever is lessor for loans terminated within three years of origination date.  

Westerly Community Credit Union offers valuable banking solutions including checking accounts, savings accounts, mortgages, home equity loans, car loans, credit cards, personal loans and more. Bank online or visit one of our conveniently located branches in Westerly, Richmond, Wakefield, and Coventry, Rhode Island.

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WCCU helped my wife and I pay off our mortgage. We have been mortgage-free for over a year now and have gained financial freedom.
David I. of Charlestown
We joined right after WCCU opened. Needed a loan to pay off some bills. Everyone is so helpful and always has a smile for you. Always made me feel like part of the family. For me...the WCCU is the only place to bank! Thank you so much for such great service over the many years!
Gerry M. of Westerly
We joined the WCCU many years ago because we really got tired of the big banks with their big fees and lack of community. We stayed because they treated us like we mattered. They valued their members by offering great rates on mortgages and HEQ loans. When my husband became ill, they worked with us until we could get back on our feet. Only small hometown banks offer this type of service.
Deanna C. of Westerly

Helpful Resources

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We can help you reach your financial goals. Start with a Free Credit Report Review at WCCU.

*Annual Percentage Rates (APR) are effective as of  and subject to change without notice. After the 12-month or 24-month introductory rate period, the Annual Percentage Rate (APR) is variable and based on creditworthiness and the Prime Rate as published in the Wall Street Journal on the last day of each billing cycle. Your margin may vary based on creditworthiness and other factors. Not all applicants will qualify for the lowest rate. APR will never be more than 18% or less than 3.25% after the initial fixed period. 1-4 family properties only. The plan allows four fixed-rate advances from your line at any given time during the 10-year draw period (repayment terms up to 15 years for each draw). Fixed-rate advance rates will be those in effect at the time of draw. View current rates. Payments do not include taxes and insurance premiums, if applicable, and the actual payment obligation will be greater. A cancellation fee will apply for loans terminated within 3 years of the origination date. Other rates and terms available. Available for new lines only. $50 annual fee will be waived for the first year. A $475 processing fee applies to lines over $250,000. A recording fee will be charged at closing (RI-$78; CT-$140). Other restrictions may apply. WCCU NMLS ID# 518892.

**Contact us for current rates and details.

For a list of WCCU employees currently licensed with a NMLS#, visit the NMLS Consumer Access website or feel free to contact us.