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HELOC closings take place at our Branch located in Needham, MA.

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There are no application fees, no closing costs, and no annual fees associated with a Direct Federal Home Equity Loan or Line. If the line is closed within the first two years of being opened an early termination fee of $395 would be applied.

Requested Lines $400,000 and above require an appraisal. Also, if you believe your home value is higher than our assessed value, an appraisal may be required in order for us to approve the amount requested.

Appraisal cost estimates:

Single-family unit - Approximately $500

Multi-unit -Approximately $650.00

At  maturity, Share Certificates (CD) will rollover into the same term at the  current rate being offered, unless Direct Federal is notified prior to  maturity or during the 7-day grace period.

We are  federally Insured by the NCUA. The National Credit Union Share Insurance Fund  was created by Congress in 1970 to insure members' deposits in federally  insured credit unions. Each credit union member has at least $250,000 in total coverage in individual accounts.

The  Share Insurance Fund also separately protects members’ IRA accounts up to  $250,000 and provides additional coverage for members’ trust accounts.

The  Share Insurance Fund has the backing of the full faith and credit of the  United States. Credit union members have never lost even a penny of insured savings at a federally insured credit union.

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Funds cannot be added to an existing CD Share Certificate.

There is no annual fee.

You will receive three letters notifying you that your title, with Direct Federal listed as lienholder, has not been received. If the title is not received within 90 days of your loan funds being disbursed, your interest rate may be increased to 18.00% APR (Annual Percentage Rate). Once we receive the perfected title, we will revert the rate to the rate on your loan agreement. This will not affect your credit history.

Prepayment is allowed at any time without penalty. If you pay-off the balance and decide to close the line within the first two years, you will be charged a $395 Early Termination Fee.

Within Online Banking, select your Loan and click on the specific payment you would like more information on. Then select "Breakdown" and you will be able to view the Principal and Interest breakdown of your loan payment.

You can submit a Stop Payment Request through Online Banking via Tools > Check Services.
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Submit Stop Payment Request >