WHAT CAN YOU DO WITH A HOME EQUITY LINE OF CREDIT?

• Renovate your home

• Pay off your car, credit cards, and student loans

• Take a vacation 

• And more!

*CLOSING COSTS:

• For each of its home equity products, Bay State Savings Bank will pay your closing costs excluding the cost of the appraisal if the subject property is a 2-4 family residence or if your loan amount exceeds $400,000, excluding any discharge fees, condominium related fees, or trustee related fees as they may be applicable to your loan.

**TERMS:

• APR is Annual Percentage Rate.

• 1.895% introductory interest rate for 6 months (1.895% APR), then variable rate of Wall Street Journal (WSJ) Prime Rate minus 0.25% for the life of the loan (5.25% APR current as of July 28, 2022)

• 20 Year Term (10 year draw with interest-only payments followed by 10 year repayment period)

• $25,000.00 minimum initial draw required ($500,000.00 maximum line amount)

• Up to 80% loan-to-value (CLTV) ratio based on bank's appraised property value

• Eligibility restricted to 1-4 family owner-occupied and second homes in Massachusetts and New Hampshire

• Property insurance required

• Maximum annual percentage rate that may be imposed is 18%. Interest rate will never be lower than the floor rate of 5.25% following the promotional introductory rate period.

• Subject to credit approval

• Subject to prepayment charge of $500 if line closes within 36 months of account opening

• Subject to Early Balance fee of $250 if principal balance falls below $25,000 within 6 months of account opening

• For more information, please see our  Important Terms Disclosure
   

For other rates and loan information, click here.

Still have questions?  Contact us today! Our team will gladly assist you.