close login window

Home Equity Rates

TypeAPR
*New HELOC Clients Only With Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentFixed Rate at 2.99% 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%
For *New HELOC Clients Only Non-Auto Deduct, Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentFixed Rate at 4.00% for first 12 months, With 20k Draw at closing After 12 months WSJ Prime Rate Otherwise, The WSJ Prime Rate plus 0.25%

For information or to apply, contact South Shore Bank Residential Lending at 781-740-4551. 

*Rates as of 4-1-18 and subject to change without notice.  Advertised Annual Percentage Rate (APR) is fixed at 2.99% 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%. If you do not have automatic payment deduction from a South Shore Bank Checking Account, the APR is 4.00% for the first 12 months.  After 12 months, on the condition you took a $20K draw at closing, the APR becomes adjustable monthly based to the WSJ Prime Rate. If these requirements are not met, the rate is WSJ Prime Rate plus 0.25%. Current Wall Street Journal (WSJ) Prime Rate is 5.00%. Rate is subject to change after consummation. **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 3.25%. The Maximum Annual Percentage Rate that can apply is 18%. No annual fee. The maximum combined loan to value (CLTV) on lines from $10,000 to $350,000 is 80% and on lines from $350,000.01 to $500,000 the maximum CLTV is 70%.  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.

Home Equity Loan Fixed Rates*

Effective Date: Monday, November 19, 2018

TermAPR
5 Years 4.25%
10 Years4.75%
15 Years5.00%
20 Years5.50%

For information or to apply, contact South Shore Bank Residential Lending at 781-740-4551. 

*Advertised Annual Percentage Rate (APR) is fixed. Above rates include 0.25% discount for auto debit payments form 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%; $350,000.01 - $500,000 maximum CLTV 70%. 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. 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 by be required.   An appraisal fee ranging from $425 - $575 may apply. Certain restrictions apply. Subject to credit approval. NMLS #407656.