Skip to main content
close login window

Home Equity Line Of Credit

When you need a little extra cash, use the equity in your home. Use it to finance things like a car, college tuition, wedding or home improvements.  A Home Equity Line of Credit provides you with a revolving line of credit secured by your home. 

Our Home Equity Line of Credit has a flexible payment plan that makes borrowing as easy as writing a check.

 

Home Equity Line of Credit Rates1

Effective Date: Sunday, March 29, 2020

Home Equity Line of Credit Rates1

TypeAPR

1Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repayment

With minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.74%. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.99%

2Non-Auto Deduct, Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repayment

With minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 1.24%. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 1.49%

For information or to apply, contact South Shore Bank Residential Lending at 781-682-3715. 

1Automatic Payment Deduction. Rate subject to change without notice. The APR is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate plus 0.74% with the continuance of an automatic payment deduction from a SSB Checking Account. With an automatic payment deduction, but no $20K draw at closing, the interest rate/APR will be the current WSJ Prime Rate plus 0.99%. Current Wall Street Journal Prime Rate is 3.25%.

2Non-Automatic Payment Deduction. If you do not have an automatic payment deduction from a SSB checking account, but take a minimum $20K draw at closing, the interest rate/APR will be the current WSJ Prime Rate plus 1.24%. Without $20K draw, the interest rate/APR will be the WSJ Prime Rate plus 1.49%. Current Wall Street Journal Prime Rate is 3.25%.

The Minimum Annual Percentage Rate that can apply is 3.500%. The Maximum Annual Percentage Rate that can apply is 18%. The maximum combined loan-to-value ratio (CLTV) on lines from $10,000 to $350,000, if South Shore Bank holds the first mortgage, is 80%. If SSB does not hold the first mortgage, maximum CLTV is 70%. On lines from $350,000.01 to $500,000, if SSB holds the first mortgage, the maximum CLTV is 70%. If SSB does not hold the first mortgage, the CLTV is 60%. All second homes have a CLTV of 70% regardless of the amount. 1-4 family OWNER OCCUPIED properties and second homes only. Property insurance is required. Flood insurance may be required. Minimum loan amount is $10,000. An appraisal fee ranging from $425 - $575 may apply. Certain restrictions apply. Annual fee of $100 applies. Early termination fee of $475 may apply. Subject to credit approval. NMLS #407656.  

(Looking for a fixed term/fixed rate Home Equity Loan?).