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Home Equity Line Of Credit

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.

 

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

Home Equity Line of Credit Rates*

Effective Date: Wednesday, March 20, 2019

TypeAPR
*New HELOC Clients Only With Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentFixed Rate at 3.49% for first 12 months with $20k Draw at Closing After 12 months WSJ Prime Rate minus 0.51% Otherwise WSJ Prime Rate minus 0.26%
Non-Auto Deduct, Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentThe WSJ Prime Rate plus 0.25%

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

*Rates as of 3-4-19 and subject to change without notice.  Advertised Annual Percentage Rate (APR) is fixed at 3.49% for the first 12 months for NEW HELOC Clients Only and requires an automatic payment from a South Shore Bank Checking Account.  After the initial 12 months, the APR becomes adjustable monthly based to The Wall Street Journal (WSJ) Prime Rate minus 0.51% on the condition you took a $20K draw at closing and maintained the automatic payment deduction from a South Shore Bank Checking Account. If these requirements are not met, the rate is the WSJ Prime Rate minus 0.26%.  Current Wall Street Journal (WSJ) Prime Rate is 5.50%. Rate is subject to change after consummation. Annual Fee is $50.00 **For existing South Shore Bank clients, the Annual Percentage Rate (APR) is WSJ Prime Rate minus 0.51% on the condition you took a $20K draw at closing and requires an automatic payment from a South Shore Bank Checking Account. If these requirements are not met, the rate is the WSJ Prime Rate minus 0.26%. If you do not have automatic payment deduction from a South Shore Bank Checking Account and you took a $20K draw at closing, the APR is WSJ Prime Rate, if these requirements are not met the rate is WSJ Prime Rate plus 0.25%.  The Minimum Annual Percentage Rate that can apply is 4.00%. The Maximum Annual Percentage Rate that can apply is 18%. Annual Fee is $50.00. The maximum combined loan to value (CLTV) if South Shore Bank does not hold the first mortgage on lines from $10,000 to $350,000 is 70% and on lines from $350,000.01 to $500,000 the maximum CLTV is 60%.  All second homes have a maximum CLTV of 70% regardless of line amount. 1 - 4 family owner occupied properties and second homes only. Property insurance is required. Flood insurance may be required. Minimum loan amount $10,000. An appraisal fee ranging from $425-$575 may apply. Certain restrictions apply. Early termination fee of $475 may apply. Subject to credit approval.  NMLS#407656.