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Home Equity Rates

Home Equity Line of Credit Rates1

TypeAPR
1New HELOC Clients Only With Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentFixed Rate of 2.99% for the first 12 months with minimum $20K draw at Closing. After 12 months, Rate subject to adjust monthly to the Wall Street Journal (WSJ) Prime Rate minus 0.51%. Without Draw, Rate subject to adjust monthly to the WSJ Prime Rate minus 0.26%
2Non-Auto Deduct, Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentWith minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.25%

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

1Automatic Payment Deduction. Rate 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 deduction from a South Shore Bank (SSB) Checking Account AND a $20,000 minimum draw at closing. After the initial 12 months, the APR is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate minus 0.51% 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 minus 0.26%. Current Wall Street Journal Prime Rate is 4.75%.

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. Without $20K draw, the interest rate/APR will be the WSJ Prime Rate plus 0.25%. Current Wall Street Journal Prime Rate is 4.75%.

The Minimum Annual Percentage Rate that can apply is 4.00%. 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 $50 applies. Early termination fee of $475 may apply. Subject to credit approval. NMLS #407656.  

Home Equity Loan Fixed Rates1

Effective Date: Monday, January 27, 2020

Home Equity Loan Fixed Rates1

TermAPR1
5 Years4.750%
10 Years4.990%
15 Years5.250%
20 Years5.500%

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.