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Fixed rates as low as 7.25%
for 12 months

Thereafter variable 8.00%
(prime minus 0.50%)

We make tapping into your home’s equity easy – with our team of local lending experts, we can get you access to the equity in your home quickly, so you can jumpstart that next project, pay off debt or tuition. Contact us today!



A HELOC is great for:

    • Kitchen/Bathroom Renovation
    • Investments
    • Paying Tuition
    • Debt Consolidation
    • Basement Finishing
    • Home Additions

Apply below or for more information at 617-702-5142

Frequently Asked Questions

A home equity line of credit (HELOC) is an open-ended revolving line of credit, enabling you to borrow funds up to your available credit limit. The line is secured by the equity in your home. Because it is a revolving line, it is the most flexible type of home financing available: as you make payments on the line, you free up your credit limit and increase the amount you can borrow.

  • It must be secured by your primary or vacation home.
  • Currently there is a special low introductory interest rate fixed for the first twelve months.
  • After the introductory period, the interest rate becomes variable, changing monthly with the Wall Street Journal Prime Rate.
  • A HELOC has 2 different phases, a draw period and a repayment period.
    • The draw period is the initial 10 years of the loan, when you have ongoing access to available funds up to the credit limit.
    • Once the draw period ends, the line enters the repayment period, a new ten-year period when you can no longer borrow new funds, and must start making monthly payments to reduce the principal balance on the line of credit.
  • The minimum monthly payment amount during the draw period is interest due on the outstanding principal balance, with a minimum $50.00 payment.
  • During the repayment period, you must make principal and interest payments based on the balance owed at the time the repayment period begins. The new minimum payment will ensure the outstanding balance is paid in full by the maturity date.
  • Annual maintenance fee of $45.

Because your HELOC is based on a variable rate, your monthly payments will vary.

  • During the draw period (the first ten years), when you can borrow and repay multiple times, your minimum monthly payment will be interest accrued based on the outstanding principal balance. Although only interest is due, we encourage you to pay more than the minimum amount due, in order to rebuild the equity in your home and free up available credit on your line for future borrowing needs.
  • During the repayment period (the last ten years), your monthly payment will be a combination of principal and interest to repay the outstanding balance by the maturity date.

Payments are due on the 25th of each month.

You can borrow as little as $25,000 or up to $250,000. The actual credit limit will be determined by:

  • your credit history,
  • the amount of available equity in your home, and
  • your current monthly debt obligations.

The equity in your home against which you can borrow (the HELOC credit limit) is 80% of the appraised value of your residence, less the balance on your 1st mortgage balance and any other liens against the property.

Example: Value of Home $500,000.00 X 80% = $400,000.00 – 1st Mortgage $275,000.00 = $125,000.00 (Equity in your home)

A HELOC allows you to tap into your home’s equity for cash to pay for any legal purposes. Here are some popular uses of HELOC borrowings:

  • Home improvement or renovation
  • College tuition
  • Consolidate high-interest debt
  • Pay off credit card debt

Why Choose Naveo

Naveo is a local, not-for-profit community financial institution focused on serving its members/owners. Our mission is to assist our members with their financial needs by providing them with products and services they need in a friendly, inviting environment. At Naveo, you are not just another account number – we get to know you (and we’ll answer the phone when you call)! We’re proud to provide personalized service and make decisions on loans locally. Experience local banking the credit union way!

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* APR: Annual Percentage Rate. The first 12 months is a fixed introductory rate of 7.25% APR. Prime rate minus 0.50% for the remaining term of the line may change monthly. As of 07/26/2023, the prime rate is 8.50% as published in the Wall Street Journal. APR may vary but will not drop below 3.50% or exceed 18.00% after the introductory period. Minimum approved credit line or loan is $5,000. Maximum approved credit line or loan is $500,000. Loan amounts greater than $250,000 may result in higher closing costs and a full appraisal. Minimum credit score of 720. Maximum combined loan to value of 80%. Property must be 1- 4 family owner occupied or single-family vacation property located within 100 miles of the Somerville branch. Property insurance is required. This promotion is only valid one time, per member. All lines will be assessed a $45 annual fee. Rates and APRs may change at any time and vary according to the property and loan characteristics. Approval subject to Naveo lending criteria and Naveo membership eligibility. Consult your tax advisor regarding the tax benefits available to you. Additional terms and conditions may apply. Pricing adjustments may apply based upon credit score, CLTV, debt ratios and other loan characteristics.

** No closing cost option requires minimum line limit of $25,000 and minimum initial advance for first 90 days of $15,000. Early payment, within the first 36 months, may be subject to Reimbursement Fee.