Home Equity

When you need a little extra cash, we're here to help. Whether you're looking to spruce up your home, consolidate your debt, or help your kids through college, tap into your home equity! At South Shore Bank, we offer a home equity loan for a whole range of financial needs. Ask us about it.

Home Equity Loan Rates

Effective as of 6/28/2022

TermAPR1Monthly Payment per $1,000
5 Years4.490%$18.63
10 Years4.740%$10.47
15 Years4.990%$7.90
20 Years5.250%$6.73
1Advertised Annual Percentage Rate (APR) is fixed. Above rates include 0.25% discount for auto debit payments from a SSB Checking Account. Minimum loan amount $25,000; maximum loan amount $250,000. The maximum combined loan to value (CLTV) is 70% for 1-4 family owner occupied properties. Second homes (vacation properties only) have a max CLTV of 60% across all terms and balance tiers.  Normal and customary closing costs 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 $107; additional fees may apply. Property insurance is required. Flood insurance may be required.   An appraisal fee ranging from $425 - $575 may apply. Certain restrictions may apply. Subject to credit approval. Payment example does not include taxes or insurance premiums. Actual payment obligation will be greater. NMLS #407656.

Home Equity Line of Credit Rates

Loan Amounts from $10,000 to $250,000

Auto Deduct from South Shore Bank Checking accountMinimum $20,000 Draw at ClosingRate1Annual Percentage Rate (APR)Payment per $1,000
YesYesWSJ Prime Rate + 0.74%5.49%$4.58
YesNoWSJ Prime Rate + 0.99%5.74%$4.78
NoYesWSJ Prime Rate + 1.24%5.99%$4.99
NoNoWSJ Prime Rate + 1.49%6.24%$5.20

The Annual Percentage Rate (APR) is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate. The WSJ Prime Rate is 4.75% as of June 16, 2022. Rates are subject to change without notice

1 Auto deduct from a South Shore Bank checking account at loan closing is 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 $10,000. The maximum loan amount is $250,000.

Only applicants with an existing South Shore Bank first lien, or no existing lien, are eligible. Maxumim 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. 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 $107. An appraisal fee ranging from $425-$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.