Home Equity Loan
 

Increase the value
of your home.

Homeowners may have access to thousands of dollars worth of equity.

You can use this equity for home improvements, a new car, college education costs, bill consolidation or whatever you like. Southbridge Savings offers extremely low, competitive rates for home equity loans and either minimal or no closing costs.

  • With a home equity loan, you borrow a specific amount for a specific period of time at a fixed rate of interest.*
  • Rate is fixed for as long as you have your loan
  • Loan term is fixed with equal monthly payments
  • Can finance up to 80% of your primary residence's value minus your first mortgage balance
  • 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.

*Product is available for owner occupied 1-4 family properties, owner occupied residential condominiums and second homes.  Minimum loan amount is $25,000 with a maximum loan amount of $350,000.  Existing Southbridge Savings Bank mortgage/home equity customers must apply for and be approved for the increase in their current home equity loan by at least $25,000 to qualify.  Maximum combined loan to value (CLTV) is 80% of the appraised value for a loan amount up to $250,000 and 70% CLTV for a loan 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 a loan amount over $250,000

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  The evaluation/appraisal fee is forfeited on withdrawn or denied applications.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  This offer may be withdrawn at any time.