The only credit union in CT to offer NEW Convertible HELOC
WETHERSFIELD, CT (November 20, 2023) — Dutch Point Credit Union – The Only Credit Union in Connecticut to Offer NEW Convertible HELOC. A unique loan that provides cost savings and flexibility in a high rate environment.
Dutch Point Credit Union has introduced a powerful new loan to consumers in October – the Convertible Home Equity Line of Credit. It’s called convertible, because it enables people with a HELOC to convert all or part of their home equity line of credit to a fixed rate home equity loan. If they only lock in a portion of their existing HELOC, they still have access to the remaining balance. The Convertible HELOC enables them to customize their loan with the cost savings of a fixed rate loan and the flexibility to retain some of their credit line.
“We see our new Convertible HELOC as an opportunity to save our current and future members a significant amount of money while providing them the flexibility to retain some of their line of credit at their discretion,” said Dutch Point Chief Member Experience Officer Anthony Sacchetti. “The Federal Reserve has increased interest rates 11 times since March 2022 to tame inflation. That translates to higher monthly payments and a higher cost to borrow money for consumers – especially those with a variable rate line of credit.”
“If someone opened a HELOC two or three years ago, and they are still paying off their balance, their payments are significantly higher today, because the variable rate may have increased beyond their ability to make the monthly payments,” said Sacchetti. “The Convertible HELOC will give them a lower fixed rate and monthly payment.”
Dutch Point’s Convertible HELOC also has no lock fees or closing costs and borrowers will receive a discounted rate if the Dutch Point HELOC is the only loan on the home.
About Dutch Point Credit Union
Chartered in 1960, Dutch Point Credit Union is headquartered in Wethersfield, Connecticut, and has community branches in Berlin, Newington, Bloomfield, Middletown and Niantic. DPCU has assets over $465 million and serves more than 23,000 members. The Credit Union offers lifetime and family memberships with services that include savings, checking, loans, mortgages, credit cards, online access, and more. For more information, please visit the company website at dutchpoint.org<x-webdoc://288BB8E8-F6A3-4CA9-B7F3-E0B88B1A9414/www.dutchpoint.org>.