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.
Home Equity Line of Credit Rates1
Effective Date: Sunday, November 17, 2024
| Type | APR |
|---|---|
1Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repayment | With minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.74%. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.99% |
| 2Non-Auto Deduct, Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repayment | With minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 1.24%. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 1.49% |
For information or to apply, contact South Shore Bank Residential Lending at 781-682-3715.
1Automatic Payment Deduction. Rate subject to change without notice. The Annual Percentage Rate (APR) is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate plus 0.74% with at least a $20,000 draw at closing and the continuance of an automatic payment deduction from a SSB Checking Account. With an automatic payment deduction, but less than a $20,000 draw at closing, the interest rate/APR will be the current WSJ Prime Rate plus 0.99%. Current Wall Street Journal Prime Rate is 3.25%.
2Non-Automatic Payment Deduction. If you do not have an automatic payment deduction from a SSB checking account, but take a minimum $20,000 draw at closing, the interest rate/APR will be the current WSJ Prime Rate plus 1.24%. Without $20,000 draw, the interest rate/APR will be the WSJ Prime Rate plus 1.49%. Current Wall Street Journal Prime Rate is 3.25%.
The Minimum Annual Percentage Rate that can apply is 3.500%. The Maximum Annual Percentage Rate that can apply is 18%. Minimum loan amount is $10,000; maximum loan amount is $250,000. Only applicants with existing South Shore Bank first lien, or no existing lien, are eligible. Combined loan-to-value ratio (CLTV) is 70% for 1-4 family owner occupied properties and 60% for second homes (vacation properties only). 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. 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 $107. An appraisal fee ranging from $425 - $575 may apply. Certain restrictions apply. Annual fee of $100 applies. Early termination fee of $475 may apply. Subject to credit approval. NMLS #407656.
(Looking for a fixed term/fixed rate Home Equity Loan?).
