Home Equity Line of Credit
|Type of Home Equity line of credit||Interest Rate||Max Term/Months||CAPS||Annual Percentage Rate||Payment per $10k|
|PlatinumBlue1||1.99% 12 mo. 2.74% afterwards||300||Minimum APR 2.74% afterwards Maximum APR 18.00%||1.99% 12 mo. 2.74% afterwards||Variable|
|Equity Loans||Interest Rate/Fully Indexed Rate||Max Term/Months||CAPS||Annual Percentage Rate||Payment per $10k|
|10 Year Fixed||6.75%||120||N/A||6.82%||$114.82|
|15 Year Fixed||7.75%||180||N/A||7.80%||$94.13|
Home Equity Fees & Charges
- 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.
- Fees/closing costs applicable for Home Equity Loans. Closing costs could range from $500 – $1,500.
Interest may be tax deductible. Please consult a tax advisor.
*Home Equity 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
Primary Home Equity Lending Area
Belmont Savings Bank primarily lends within all cities and towns in Essex, Middlesex and Norfolk Counties in Massachusetts. Belmont Savings also offer mortgages to Allston and Brighton, Massachusetts.
Bank NMLS# 486283