Home Equity Loan
A Home Equity Loan lets you borrow money in one lump sum. You may use the funds to finance home improvement projects, college tuition, debt consolidation or to finance any number of needs.
Home Equity Loan Fixed Rates1
Effective Date: Thursday, February 20, 2020
For information or to apply, contact South Shore Bank Residential Lending at 781-682-3715.
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 $500,000. Loan amounts $25,000 - $350,000 maximum combined loan to value ratio (CLTV) 80% if SSB holds the first mortgage, if not the maximum CLTV is 70%; loan amounts of $350,000.01 - $500,000 maximum CLTV 70% if SSB holds the first mortgage, if not the maximum CLTV is 60%. 1-4 family owner occupied properties and second homes only (includes Condos). Second homes have a max CLTV of 70% across all terms and balance tiers if SSB holds the first mortgage, if not the maximum CLTV is 60%. 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 $77; 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. NMLS #407656.