Fees & Charges for Equity Loans/Second Mortgages
- $750.00 Processing Fee
- No Fees/Closing Costs for Prime Equity Line of Credit (if an appraisal is needed, closing costs will range from 0-$500.00)
- No fees/closing costs for Treasury Equity Line of Credit with $50,000.00 minimum draw at closing (if an appraisal is needed, closing costs will range from 0-$500.00)
Interest may be tax deductible, please consult a tax advisor
- Adjustable rate equity loans are fixed for a period of time and will adjust annually. For example, a 1 year ARM is fixed for the first year and will adjust annually. Another example, a 3-1 ARM is fixed for the first three years and will adjust annually.
- APR is a variable rate equal to Prime Rate for the life of the loan; current APR is 5.00%. Maximum APR is 18%.
- APR is a variable rate equal to the 13-week T-Bill plus a margin of 2.40% for the life of the loan, current APR is 4.13%. Maximum APR is 18%,Minimum APR is 4%.
* Lending Requirements
- 1-4 Family Owner Occupied Residences
- Rates subject to change without notice
- Equity product payments are based on a monthly repayment schedule
- Any borrower obtaining a loan secured by real estate must provide the Bank with satisfactory proof of hazard/homeowner's insurance.
- Subject to credit approval
All cities and towns in Essex, Middlesex and Norfolk Counties, Massachusetts. Also: Allston and Brighton, Massachusetts.
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