Time to fix up the yard? Want to take a vacation? Maybe you would like to add on to your home. With a Home Equity Line of Credit or Loan, you can put the value in your home to work for you. Home equity rates are usually lower than consumer loans or credit cards. Plus, the interest you pay on home equity loans may be tax-deductible; check with a tax advisor.

Home Equity Lines of Credit

• Low variable interest rate of ½% below prime for the life of the loan*, prime adjusted monthly.
• Easy application and quick approval.
• Repayment terms of up to 25 years**.
• Available credit is accessed by check or cash withdrawal for ten years.
• Payments are a minimum of interest only for the first ten years. Principal payments may be made at the borrower's discretion.
• Members may pay more than the minimum at any time without penalty.
• No penalty for early payoff.
• The collateral on a Home Equity Line is a mortgage on real estate. The real estate must be a one to four family owner-occupied dwelling.
• There are no check charges and no transaction fees.

Home Equity Loans

• Low fixed rate of interest for the entire term of the loan.
• Easy application and quick approval.
• Repayment terms of 7, 10, or 15 years are available**.
• Members may pay more than the minimum at any time without penalty.
• No penalty for early payoff.
• The collateral on a Home Equity Loan is a mortgage on real estate. The real estate must be a one to four family owner-occupied dwelling.

For both the Home Equity Line of Credit and Home Equity Fixed Loan, minimum loan amount is $10,000.00, maximum loan amount is $300,000.00, with an 80% maximum Loan to Value (LTV) on primary residence using an appraisal (75% LTV using your current tax valuation).

Please call Loan Services at (617) 439-6500 for current rates.

Paperwork you'll need for an Equity Loan or Line of Credit

1. Two most recent pay stubs.
2. Current Mortgage balance statement
3. Copy of deed with recording information or copy of Certificate of Title.
4. Real Estate tax bill showing current assessed value.
5. Copy of Homeowner’s Insurance Policy
6. Two Years of W2’s

Appraisal fees (if necessary) range from $250 to $450, depending on the type of appraisal and dwelling.

Come in or call today for your application.

* As of 6/19/2008, the rate is 4.50%. The maximum rate under this plan would be 18.00%. The borrower is required to maintain property insurance coverage as a condition of the loan.

**

Home Equity Type	Term (yrs.)	Payment per $1,000
Loan	7	$15.10
Loan	10	$12.27
Loan	15	$9.28
Line	25	$7.56