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 With a home equity line of credit loan, you can establish a revolving line of credit secured by the equity in your home.
You decide when and how much to borrow by writing a check against the loan. You may borrow for almost any reason including home improvements, tuition, a new car or boat or personal investments. Your loan may even be tax-deductible. Please check with your tax advisor for qualifications.
The interest rate charged is based on prime rate. Haverhill Bank will pay closing costs if you draw a minimum of $20,000 at closing.
| Prime * |
Primary
residence only |
3.25% |
$20,000 |
$400,000 |
$20,000 |
Bank pays when
minimum amount
drawn at closing*** |
Prime
Plus
1.00%** |
Prim residence
and second
homes only |
4.25% |
$20,000 |
$250,000 |
$20,000 |
Bank pays when
minimum amount
drawn at closing*** |
All rates are subject to change without notice and change monthly with the Prime rate of interest as published in The Wall Street Journal. The maximum annual percentage rate that can apply is 18%.
Maximum Combined Loan to Value (CLTV) 80%.
Revolving Equity Line of Credit Repayment Options:
- During the 10 year draw period, monthly payments equal to 1.5% of the outstanding principal balance on the last day of the billing cycle. ****
- During the 10 year draw period, interest only. ****
Property insurance is required. As of March 3, 2009 the Prime Rate was 3.25%. Other terms and conditions may apply.
*Auto pay from a Haverhill Bank account required.
**Auto pay from a Haverhill Bank account NOT required.
*** If $20,000 not drawn at closing, borrower pays $750 closing costs.
****After the 10 year draw period, no additional advances are permitted. The line then moves into repayment and the outstanding balance is amortized over the next 60 months.
Need cash for home improvements or college tuition? Consolidate all of your bills into one monthly payment and lock in a super rate.
Rates are discounted for the life of the loan as long as automatic payments take place from a Haverhill Bank checking account. You may borrow up to 80 percent of the current market value of your home. You must draw a minimum of $20,000 at closing.
Rates are subject to change without notice. Call a loan officer for more information at (978) 374-0161.
Massachusetts homeowners can borrow from $2,000 up to $15,000 for energy improvements to their homes with a MassSAVE® HEAT Loan. For qualified applicants, this is a no interest loan and can be financed up to seven years.
The money can be used for new heating systems, insulation and replacement windows.
To apply, customers must own and live in a one to four family home located in Massachusetts and obtain a Home Energy Assessment through MassSAVE®. This is a limited time offer which ends on Dec. 31, 2009.
Call or visit any branch of Haverhill Bank for more information or visit MassSave®.
By following the links on this page you will be opening a new window and leaving the Haverhill Bank Web site. Haverhill Bank is not responsible for the suitability or accuracy of the information provided. Simply close the window to return to this site.
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