With the recent devastating storms many of our members may need help in getting back to normal. At Tri-Town we are here to help.

We recently announced a 1.0% reduction in the interest rates on our unsecured loans to assist our members who were affected by Hurricane Sandy. With these loans it is possible to borrow up to $20,000 to use for any necessary repairs.

It is unfortunate that there are those among us for which this may not be sufficient. To assist those individuals we also offer two types of Home Equity Loans, either a fixed rate Home Equity or a variable rate Home Equity Line of Credit.

Fixed Rate Home Equity Loans

This loan is for a set amount and the interest rate is set for the term of the loan. The Maximum term is 15 years and the Maximum loan amount is $50,000. The current rate is 5.25%. Closing costs are shared equally between the credit union and the borrower and are usually less than $500 apiece.

Variable Rate Home Equity Line of Credit

For the large projects, this loan will allow you to borrow up to $100,000. The interest rate is variable, based upon the 26-week T-Bill plus 4.0%. It is currently 4.13%. The rate can change quarterly the first week of January, April, July and October. There is a 5.0% lifetime cap on the interest rate on this loan. Advances can be made during the first five years of the loan four times per calendar year in increments of $2,500. There are no points, fees or closing costs for this type of loan.

Both of these loans require a first or second lien on the subject property, which must be in the State of Connecticut. Tri-Town must be listed as a lien holder on the property insurance. Interest paid on these loans may be tax-deductible, please contact your tax advisor. For more information you may visit our website at www.tttfcu.org or call 203-227-8511. 

Interest rates quoted above are as of November 12, 2012, and are subject to change without notice.

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