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 4/1/2023
|Term||Annual Percentage Rate (APR)1||Monthly Payment per $1,000|
Home Equity Line of Credit Rates
Loan Amounts from $10,000 to $350,000
|Auto Deduct from South Shore Bank Checking account||Minimum $20,000 Draw at Closing||Rate1||Annual Percentage Rate (APR)||Payment per $1,000|
|Yes||Yes||WSJ Prime Rate + 0.74%||8.74%||$7.28|
|Yes||No||WSJ Prime Rate + 0.99%||8.99%||$7.49|
|No||Yes||WSJ Prime Rate + 1.24%||9.24%||$7.70|
|No||No||WSJ Prime Rate + 1.49%||9.49%||$7.91|
The Annual Percentage Rate (APR) is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate. The WSJ Prime Rate is 8.00% as of 3/23/2023. Rates are subject to change without notice.
1Auto 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 $350,000.
Only applicants with an existing South Shore Bank first lien, or no existing lien, are eligible. 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.