New! Advantage Equity Home Equity Line of Credit

Advantage Equity Home Equity Line of Credit from South Shore Bank can make your home improvement dreams a reality. It’s perfect for homeowners looking to spruce up your home, remodel your kitchen, entertain outdoors with a new patio or anything in between. 

Take advantage of low interest rates with the flexibility to manage your Advantage Equity Home Equity Line of Credit (HELOC) in the way you want ­- interest only payments or convert a portion of the outstanding balance to a fixed monthly payment option as an installment loan with a rate that is locked in.

Questions or want to learn more, visit the FAQs below.

Advantage Equity Home Equity Line of Credit Rates

Loan Amounts from $25,000 to $350,000

Auto Deduct from South Shore Bank Checking accountMinimum $25,000 Draw at ClosingRate1Annual Percentage Rate (APR)Payment per $1,000
YesYesWSJ Prime Rate - 0.51%7.99%$6.66
NoNoWSJ Prime Rate8.50%$7.08

The Annual Percentage Rate (APR) is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate. The WSJ Prime Rate is 8.50% as of 7/27/2023. Rates are subject to change without notice.

1Auto deduct payments from a South Shore Bank checking account and a minimum draw of $25,000 at loan closing are required to earn the discounted rate. If automatic repayment from a South Shore checking account discontinues at any point, the discounted rate will no longer apply. The minimum Rate/APR is 3.50%. The maximum Rate/APR is 18.00%. Minimum loan amount is $25,000. The maximum loan amount is $350,000. Maximum combined loan-to-value (CLTV) is 70% for 1-4 family owner occupied properties and 60% for second homes (vacation properties only). 1-4 family OWNER OCCUPIED properties and second homes only. Property insurance is required. Flood insurance may be required. Normal and customary fees paid by SSB. Property held in a Trust may be considered; however, the following fees will be collected from the borrower prior to closing. Trust review fee $75 and record Trustee Certificate $110.50. An appraisal fee ranging from $475-$575 may apply. Certain restrictions apply. Annual fee of $100 applies. Early termination fee of $475 may apply if the loan is closed within the first 24 months. Subject to credit approval. Payment example is based on an interest only payment and does not include taxes or insurance premiums. Actual payment obligations will be greater.


How does the Advantage Equity Home Equity Line of Credit (HELOC) differ from other home equity products?

When it comes to tapping into the equity on your home, most banks give you two choices - either a fixed rate installment loan, Home Equity Loan (HELOAN), or a revolving line of credit, Home Equity Line of Credit (HELOC). 

At South Shore Bank, Advantage Equity lets you decide how to use your line of creditA revolving line of credit with a variable interest rate with the option to convert some or all of the outstanding balance of your Line of Credit to one or more fixed rate loans.  

What are the benefits of the Advantage Equity HELOC?

  • Convert all or portion of the outstanding balance in your credit line into a fixed rate /fixed term loan. 
  • Get peace of mind knowing you have access to a revolving line of credit and the flexibility to lock in a rate as a term loan when you need it. 

What are the features of Advantage Equity HELOC?

  • You may request up to five (5) fixed rate conversion installment loans during the draw period.  
  • The minimum conversion amount is $10,000.  
  • The available terms are five (5), ten (10)fifteen (15)and 20 years.  


How is my home’s equity determined?

Home Equity is generally determined as a percentage of the difference between the current worth or market value of your home and the outstanding balance on your mortgage.

Do I need a home appraisal as part of the Advantage Equity Application?

Typically, a full residential appraisal is not required for most HELOC requests; however, there are occasions when a full appraisal is required. That determination will be made once we review your application and information. 


Are there fees for the Advantage Equity HELOC?

There is a $475 early termination fee if the Advantage Equity HELOC is closed and discharged within two years of opening it.  Each installment loan request is accessed with a $50 fee. 

How do I access my funds?

  • You can sign up to access the account through South Shore Bank Online Banking and will be able to view all accounts as well as make payments and transfers. 
  • You can also order checks for your account. 

How do I get started?

Contact a lender, stop into one of our convenient locations, or schedule an appointment, or call our Client Information Center (CIC) at 781.682.3715.