Home Equity Line of Credit

Make your love nest more lovable.

Access cash for home improvements with a Home Equity Line of Credit

You can use this equity for home improvements, a new car, college education costs, bill consolidation or whatever you like.

  • 1.99% introductory rate for 12 months, 4.00% variable APR thereafter*
  • Can finance up to 80% of your primary residence's value minus your first mortgage balance.
  • Low minimum payment of interest only during the draw period with a minimum $50 monthly payment
  • No Annual fees
  • No Points

Click Here for our simple worksheet to determine how much equity you may be able to tap into from your current home.

Talk to a NextDoor Lending Mortgage Loan Originator and get all the information you need about Home Equity financing with Southbridge Savings Bank. Call 800-939-9103 or visit your local branch.

*Annual Percentage Rate (APR): Promotional rate of 1.99% is fixed for the first twelve months, followed by a variable rate which is adjusted monthly based on the Prime Rate as published in the Wall Street Journal. Prime is currently 4.00%.  Minimum APR is 3.25% with a maximum APR of 18.00%

Rate quoted is for owner occupied 1-4 family properties, owner occupied residential condominiums and second homes.  Payment plans are 10 years interest only with a minimum monthly payment of $50.00 during the draw period, followed by 10 year repayment period of principal and interest payments.  Minimum line amount is $10,000 with a maximum line amount of $350,000.  Promotional rate has an initial minimum draw requirement of $10,000.  Failure to maintain a daily balance of $10,000 for a period of ninety (90) days thereafter, a $350.00 processing fee will be charged to your line of credit, and the amount of available credit shall be reduced accordingly.  There is no minimum draw requirement following the initial draw.  Maximum combined loan to value (CLTV) is 80% of the appraised value for a line amount up to $250,000 and 70% CLTV for a line amount between $250,001 and $350,000, or if property has a chapter 61, 61A or 61B lien.  Property insurance is required.  Borrower is responsible for paying all closing costs with lines over $250,000.  An early termination fee of $500 will be assessed at the time of payoff if the line of credit is closed within 36 months of the date of the Note.

An Evaluation or Full Appraisal will be required, the fees vary from $165 to $650 depending on your loan characteristics.  Evaluation fees will be refunded to you after closing, fees for full appraisal will be collected and retained.  The evaluation/appraisal fee is forfeited on withdrawn or denied applications.

Loan offer is subject to credit approval and other terms and conditions apply.  Consult a tax advisor regarding the deductibility of interest.  This offer may be withdrawn at any time.

Rate is effective April 5, 2017 & is subject to change.  This promotional rate is not available for the refinance of an existing Southbridge Savings Bank Home Equity Line of Credit.