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Home Equity Lines and Loans

You own a home with equity and you may even have some other assets, but you don’t have enough cash on hand to finance that big project: a new addition to your home, that landscaping project, your new auto, or educational expenses for your children. Why not take the equity you have accumulated in your home to fund that next big project? Depending on your individual needs, you may prefer one product or the other. Which one is best for you? Use the table below to compare.



Home Equity Line of Credit

 


Home Equity Loan


Do I want an Equity Loan or Line?FLEXIBILITY: Use what you need, when you need it, on a recurring basis. Draw funds by simply writing a check.STABILITY: Borrow a lump sum for a specific purpose. Fixed monthly payments for easier budgeting.

What about Home Equity rates?

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Our Keyline of Choice allows you to convert all or any portion of your balance to a fixed rate loan. As a revolving line of credit there is no need to reapply. Lock in a fixed rate for the life of the loan.

How do I pay it back?Interest only payments during the 10 year draw period and a 10 year repayment term. Convenient and flexible terms. Fixed repayment terms options include 5-20 years.

How much can I borrow?Line amounts from $20,000 to $500,000 (please contact us for higher loan amounts)Minimum loan amount of $10,000 to $250,000

 
Tax Deductibility 
 
**Interest paid may be tax deductible

 **Interest paid may be tax deductible




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*Annual Percentage Rate (APR) 4.25% as of 6/15/2017 based on the Wall Street Journal Variable Prime Rate published on the last business day of the month for the life of the line. APR will be as low as Prime -1.00% for the first 12 billing cycles with automatic payment deduction from a qualified Dedham Savings checking account and a minimum draw of $20,000.00 at closing. The APR and payment will increase after you have obtained credit if automatic payment is discontinued. The APR without automatic payment deduction is Prime +0.00%. Rate may increase after consummation. The maximum APR is 18%. Interest only payments for a term based on a 10 year draw period and a 10 year repayment period. Loan amounts from $20,000 to $500,000. Minimum line advance is $500. Rates shown are for owner-occupied 1-2 unit primary residences. Subject to credit application and approval. Combined loan to value (LTV) limits apply. An early termination fee of $450 if the line is terminated within 36 months. Not available for homes currently for sale or intended to be sold. Property insurance is required. Flood insurance may be required. Customer is responsible for trust review and recording fees when properties are held in trust. Convertible fixed rate option. A $50.00 fee will be assessed on an annual basis. Typically no closing costs. Appraisal and recording fees ranging from $176.00 to $1,165.50 may apply.  **Consult a tax advisor for information regarding deductibility of interest. Contact us for higher loan amounts. Rates are subject to change.
NMLS# 473990