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Home Equity Line of Credit Special

Loan Information

Amount: $10,000 to $500,000 Loan Purpose: Home Equity
State: Massachusetts Property Use: Primary Residence
County: Middlesex Property Type: Existing one to four family home

Home Equity Line of Credit

Interest Rate/APR: Annual Percentage Rate (APR) 2.24% is fixed for the first 12 months. After the introductory period, APR on outstanding balance is variable and based on the Prime Rate plus 0.00% (currently 4.25%), adjusted monthly.  Min. APR is 4.25%, Max APR is 18%.  The APR is a variable rate adjusted monthly equal to the highest Prime Rate listed in the Wall Street Journal on the last business day of each month and is subject to change.
Payment: Draw Period – the greater of 1/4 of 1% of the principal balance plus interest, OR $100.00 minimum.
Term: 10 years draw period followed by a 10 year amortized repayment period.
Balance Due at End of Loan Term: If you make the minimum monthly payment during the term of your loan on or before the due date, the loan will be paid in full after the repayment period ends.
Other: State required recording fees.  Hazard and Title Insurance may be required.  Flood insurance and Property Appraisal fee required where necessary.  All Equity Lines subject to $50.00 annual maintenance fee.  Offer available on new lines on owner occupied 1-4 family properties.  Maximum 80% combined loan-to-value.  Other terms and conditions may apply.   Consult your tax advisor regarding tax deductibility.

Important Notices

The interest rate and annual percentage rate (APR) shown above are subject to change without notice.

Maximum APR 18%.

Consult your tax advisor about deductibility.

Adequate homeowner’s insurance coverage is a requirement for this loan.

Payments do not include taxes and/or insurance.

 

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