Home Equity
Rate Comparison
See how our Rate measures up
| Loan to Value | Rate | Interest Only Payment Option | Annual Fee | Draw Period | Repayment Period | |
|---|---|---|---|---|---|---|
| Direct Federal | 80% |
Prime-1.00%* |
Yes | $0 | 10+10 | 10 |
| Bank of America | 90% | Prime - 1.01% | Yes | $0 | 10 | 15 |
| Sovereign | 90% | Prime -.1.01% | Yes | $50 | 15 | 15 |
| Eastern | 80% | Prime-.50% | Yes | $50 | 10 | 10 |
| Citizens | 80% | Prime - 1.01% | Yes | $50 | 10 | N/A |
Rates: Prime minus 1.00% (5.00% rate effective as of April 1, 2008)*. Varies monthly based on the Prime rate listed in The Wall Street Journal on the last business day of the month. Your rate will be based on your loan-to-value and credit score. The minimum rate is 5.00%. Maximum rate is the lesser of 21% or the maximum allowed by law. New lines only.
Draw Period: Ten years. Principal and interest based on standard amortization during Repayment Period. At the end of the initial draw Period we may offer you the option to extend for an additional ten years.
Line Amount: $20,000 - $300,000
Fees: No application fees, no appraisal fees, no closing costs and no annual fees. If you pay off and close out your line within the first 24 months, you will be charged a $395 fee to offset a portion of costs incurred to open your line.
Qualifying Properties: One- to four-family primary residences in Eastern Massachusetts, Southern New Hampshire and Rhode Island. Property insurance is required.
*Rate is based on 80% loan-to-value (LTV) and your credit score. New lines only.
