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 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.
Best of all, you pay nothing for your Home Equity Line until you use it!
Looking for a fixed term/fixed rate Home Equity Loan information?
Home Equity Line of Credit Rates*
Effective Date: Thursday, September 20, 2018
| Type | APR |
|---|---|
| *New HELOC Clients Only With Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repayment | Fixed 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 repayment | Fixed 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.
