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A Home Equity Loan or Line of Credit can be used for almost any major expense, including:
Home Improvement, Debt Consolidation, Education Costs, Special Vacation, Vehicle Purchase, Wedding, or Buying a Second Home.
And the interest on a Home Equity Loan or Line of Credit may be tax deductible.1
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Here’s a quick look at the differences between the two.
We can help you decide which one might work best for you.
Home Equity Options
Home Equity Questions | Home Equity Line of Credit | Home Equity Loan |
|---|---|---|
| How Much Can I Borrow? | Up to $500,000 (Ask us about higher amounts). | Up to $250,000. |
| How Will the Money Be Delivered? | You’ll receive an available line of credit, and can use as much of it as you need (with a minimum draw of $500). | You’ll receive a lump-sum payment deposited into your Dedham Savings or South Shore Bank account, unless you request a check from your attorney at closing instead. |
| How Do I Access the Funds? | You’ll receive special checks that draw on your available line of credit (minimum $500). | Access the account where the funds have been deposited. |
| Will I Have a Fixed or Adjustable Rate? | You will have an adjustable rate which means that your payment amount may vary. Our Home Equity Line of Credit allows you to convert all or some of your balance to a fixed rate loan. As a revolving line of credit, there is no need to reapply. | A fixed rate means your payment is always the same each month. |
| What Terms Are Available? | There is a 10-year draw period and a 10-year repayment period. | A variety of terms are available. Contact Us for details. |
1Consult a tax advisor
Dedham Savings and South Shore Bank are affiliate banks under a common holding company. All Mortgage loans are provided through Dedham Savings. Dedham Savings is Member FDIC, Member DIF, Equal Housing Lender, NMLS #473990. South Shore Bank is Member FDIC, Member DIF, Equal Housing Lender, NMLS #407656