Updated 8/20/20: Our Tech Square branch is open by appointment: Mon, Tue, Wed, and Fri 8:30 am - 4:30 pm, and Thu 8:30 am - 5:30 pm.  Our Lincoln Lab branch is open Tue and Wed, 8:30 am - 4:00 pm. Please call 617-253-2845 for an appointment. Please visit MITFCU.ORG/COVID19Support for more information.

Our Lincoln Lab branch will closed for the entire week of Thanksgiving and will reopen for regular hours on Tuesday, December 1st at 8:30 am.

Home Equity Lines & Loans

Consider a MIT Federal Credit Union Home Equity Line of Credit or Loan* to consolidate existing debt, complete a home improvement project, or finance a large purchase. With both options, you can borrow up to 90% of your home's appraised value less your primary mortgage balance (limit of $400,000.00**) at a low rate while choosing from various terms.

Home Equity Lines Help You Do More

  • Draw on your HELOC for up to five years as a revolving line of credit
  • Choose between monthly adjustable or annually adjustable rate, indexed to Prime plus a margin
  • Access funds via e-Branch or special HELOC checks
  • Apply for a Home Equity Line of Credit for a refinance or a home purchase
  • Other Home Equity Line of Credit financing options include tuition, medical expenses and debt consolidation; click here to apply

Home Equity Loans Are Available Nationwide

  • Receive your funds in a lump sum
  • Fixed rate for the term of the loan
  • Apply for a fixed Home Equity Loan for a refinance, home improvement project or even a home purchase
  • Other fixed Home Equity Loan financing options include tuition, medical expenses and debt consolidation; click here to apply

*All MITFCU Loans and Lines of Credit are secured against the member’s primary residence and will only take 1st or 2nd lien position on the property. Home Equity applications require income verification, real estate tax bill, property deed and mortgage and home equity statement if applicable. The credit union will pay all closing costs should applicant borrow $15,000.00 or more and the loan is not repaid within the first 24 months. If the loan is repaid within the first 24 months then the reimbursement of closing costs would apply. We do not finance property in a trust or investment property. MIT Federal Credit Union offers home equities in all states except Texas. 

**The minimum loan amount is $5,000.

MIT Federal Credit Union Home Equity Lines & Loans can finance major expenses while putting money back in your pocket. 

  • With HELOCs, you pay interest and principal every month on the funds you use, not the entire available line
  • Includes potential tax advantages (please consult your tax advisor)
  • Helps you accomplish more of your goals