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 credit. A 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.
- Convert all or a 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.
- 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.
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.
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.
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.
- 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.