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Home Equity Line of Credit Rates

Everyone’s financial journey is different. For many, a Home Equity Line of Credit (HELOC) provides one more vehicle to help you finance major life expenses. The equity in your home can be used to help you pay for college, renovate your home, consolidate debt, or purchase big ticket items.

Belmont Savings Bank primarily lends within all cities and towns in Essex, Middlesex and Norfolk Counties in Massachusetts. Belmont Savings also offers mortgages in Allston and Brighton, Massachusetts.  For a full list of our NMLS licensed lending specialists, click here.

PrimeBuster Home Equity Line of Credit

Effective as of July 5, 2018

Type Interest Rate Max Term/Months CAPS Annual Percentage Rate Payment per $10K

PrimeBuster1

(with checking)

3.99% (Prime -1.01%) 300 Minimum APR 3.99%
Maximum APR 18.00%

3.99% (Prime - 1.01%)

Variable

PrimeBuster Home Equity Fees and Charges

  1. No closing costs or annual fees for PrimeBuster HELOC. $25,000 minimum draw required at closing. $300 processing fee imposed if the minimum draw of $25,000 is not made at closing and does not stay outstanding for 90 days. Interest only payments for initial 10 yrs, with additional 15 yr payback of Principal plus Interest. Maximum LTV 80%, rate and terms may vary based upon property type, property value, loan amount, loan to value ratio, credit history, lien position and income.

PrimeBuster Home Equity Lending Disclosures

  • Subject to credit approval. 
  • PrimeBuster HELOC requires a Belmont Savings Bank checking account with automatic payment withdrawals to receive Prime minus 1.01% for the life of the loan.  In the event that the checking account is closed or there is an insufficient balance in the account to pay a regularly scheduled payment, the rate on the PrimeBuster HELOC will increase to Prime minus 0.51%.
  • 1-4 family, owner occupied residences, condominiums, and 2nd/vacation owner occupied properties qualify.
  • Not available for homes currently for sale or intended to be sold.
  • Property insurance required. Flood insurance may be required. 
  • Rates are subject to change.
  • Trust review fees ranging from $100 to $300 apply for properties held in trust
  • A $500 fee will be applied for existing PlatinumBlue Home Equity Line of Credit customers for modifications into PrimeBuster Home Equity Line of Credit.
  • If you terminate your HELOC wihin 24 months from the closing date, the Bank may collect all waived third-party fees as disclosed on your HELOC Settlement Statement provided at loan closing.
  • Consult a tax advisor for information regarding the deductibility of interest and charges

 

SkyBlue Home Equity Line of Credit

Effective as of July 5, 2018

Type Interest Rate Max Term/Months CAPS Annual Percentage Rate Payment per $10K

SkyBlueBlue1

(without checking)

4.49% (Prime -.51%) 300 Minimum APR 4.49% 
Maximum APR 18.00%
4.49% (Prime -.51%) Variable

SkyBlue Home Equity Fees and Charges

  1. No closing costs or annual fees for SkyBlue HELOC. $25,000 minimum draw required at closing. $300 processing fee imposed if the minimum draw of $25,000 is not made at closing and does not stay outstanding for 90 days. Interest only payments for initial 10 yrs, with additional 15 yr payback of Prinicipal plus Interest. Maximum LTV 80%, rate and terms may vary based upon property type, property value, loan amount, loan to value ratio, credit history, lien position and income.

SkyBlue Home Equity Lending Disclosures

  • 1-4 family, owner occupied residences, condominiums, and 2nd/vacation owner occupied properties qualify.
  • Not available for homes currently for sale or intended to be sold.
  • Subject to credit approval. 
  • If you terminate your HELOC wihin 24 months from the closing date, the Bank may collect all waived third-party fees as disclosed on your HELOC Settlement Statement provided at loan closing.
  • Property insurance required. Flood insurance may be required. 
  • Trust review fees ranging from $100 to $300 apply for properties held in trust
  • Consult a tax advisor for information regarding the deductibility of interest and charges
  • Rates are subject to change.

 

PlatinumBlue Home Equity Line of Credit

Applications are no longer being accepted for this product.

Effective as of June 27, 2018

Type Interest Rate Max Term/Months CAPS Annual Percentage Rate Payment per $10K

PlatinumBlue1

(without checking)

2.49% 6 mo.
4.49% (Prime -.51% afterwards)
300 Minimum APR 4.49% afterwards
Maximum APR 18.00%
2.49% 6 mo.
4.49% (Prime -.51% afterwards)
Variable

PlatinumBlue2

(with checking)

2.49% 12 mo.
4.49% (Prime -.51% afterwards)
300 Minimum APR 4.49% afterwards
Maximum APR 18.00%
2.49% 12 mo.
4.49% (Prime -.51% afterwards)
Variable

PlatinumBlue Home Equity Fees and Charges

  1. No closing costs or annual fees for PlatinumBlue HELOC. $25,000 minimum draw required at closing. $300 processing fee imposed if the minimum draw of $25,000 is not made at closing and does not stay outstanding for 90 days. Interest only payments for initial 10 yrs, with additional 15 yr payback of Principal plus Interest. Maximum LTV 80%, rate and terms may vary based upon property type, property value, loan amount, loan to value ratio, credit history, lien position and income. PlatinumBlue Home Equity customers without a Belmont Savings checking account and automatic payment withdrawals will receive 2.49% APR for the first 6 months following account set up.

  2. No closing costs or annual fees for PlatinumBlue HELOC. $25,000 minimum draw required at closing. $300 processing fee imposed if the minimum draw of $25,000 is not made at closing and does not stay outstanding for 90 days. Interest only payments for initial 10 yrs, with additional 15 yr payback of Principal plus Interest. Maximum LTV 80%, rate and terms may vary based upon property type, property value, loan amount, loan to value ratio, credit history, lien position and income. PlatinumBlue Home Equity customers with a Belmont Savings checking account and automatic payment withdrawals from the Belmont Savings chcking account will receive the 2.49% APR (Annual Percentage Rate) for the first 12 months following account set up.

PlatinumBlue Home Equity Lending Disclosures

  • 1-4 family, owner occupied residences, condominiums and 2nd / vacation, owner occupied properties qualify.
  • Not available for homes currently for sale or intended to be sold.
  • Subject to credit approval.
  • Maximum LTV 80%, rate and terms may vary based upon property position and income.
  • Minimum $25,000 line amount and $25,000 minimum draw required. 
  • A $300 processing fee applies if the minimum draw of $25,000 is not made at closing and does not stay outstanding for 90 days.
  • If you terminate your HELOC within 24 months from the closing date, the Bank may collect all waived third-party fees as disclosed on your HELOC Settlement Statement provided at loan closing.
  • Interest only payments for initial 10 years, with additional 15 year payback of P&I.
  • Equity product payments are based on a monthly repayment schedule
  • Property insurance required. Flood insurance may be required.
  • Trust review fees ranging from $100 to $100 apply for properties held in trust.
  • Rates are subject to change.
  • This introductory rate offer is subject to change and is limited to one introductory offer per property address and per household and is not eligible for refinancing at the introductory rate.
  • Consult a tax advisor for information regarding the deductability of interest and charges.

 

Contact our professional banking team at Belmont Savings Bank or visit any of our branch locations to learn more about our home equity line of credit.

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