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 The evaluation/appraisal fee is forfeited on withdrawn or denied applications.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 This offer may be withdrawn at any time.