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Home Equity Line of Credit Rates

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. Learn more about the PlatinumBlue Home Equity Line of Credit.

Effective as of November 1, 2016

Type Interest Rate Max Term/Months CAPS Annual Percentage Rate Payment per $10K
PlatinumBlue1 1.99% 6 mo.
2.99% (Prime -.51% afterwards)
300 Minimum APR 2.99% afterwards
Maximum APR 18.00%
1.99% 6 mo.
2.99% (Prime -.51% afterwards)
Variable
PlatinumBlue2 1.99% 12 mo.
2.99% (Prime -.51% afterwards)
300 Minimum APR 2.99% afterwards
Maximum APR 18.00%
1.99% 12 mo.
2.99% (Prime -.51% afterwards)
Variable

Home Equity Fees and Charges

  1. No closing costs or annual fees for PlatinumBlue HELOC. $25,000 minimum draw required at closing. $300 early termination fee. $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 P&I. 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 1.99% 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 early termination fee. $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 P&I. 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. 1.99% APR for the first 12 months after account set up requires a Belmont Savings checking account with automatic payment withdrawals.

Home Equity Lending Requirements

  • 1-4 Family, Condos and 2nd/Vacation 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 and flood insurance, if applicable.
  • Not available for homes currently for sale or intended to be sold.
  • Trust review fees ranging from $100 to $300 may apply for properties held in trust.
  • Consult a tax advisor for information regarding the deductibility of interest and charges.
  • Subject to credit approval
  • 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.

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

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