Ryan Thomas Connelly
Loan Production Assistant/Home Equity, NMLS #1633733
Use the available equity in your home to fund something big.
Buying a Second Home
And the interest on a Home Equity Loan or Line of Credit may be tax deductible.1 Here’s a quick look at the differences between the two. We can help you decide which one might work best for you.
|How much can I borrow?||How will the money be delivered?||How do I access the funds?||Will I have a fixed or adjustable rate?||What terms are available?|
|Home Equity Line of Credit||Up to $500,000|
(Ask us about higher amounts)
|You’ll receive an available line of credit, and can use as much of it as you need (with a minimum draw of $500)||You’ll receive special checks that draw on your available line of credit (minimum $500). You can view your current balance any time via online or mobile banking and can transfer funds to other accounts at Dedham Savings||An adjustable rate means your payment amount may vary. Our special Keyline2 allows you to convert all or some of your balance to a fixed rate loan. As a revolving line of credit, there is no need to reapply||There is a 10-year draw period and a 10-year repayment period|
|Home Equity Loan||Up to $250,000||You’ll receive a lump-sum payment deposited into your Dedham Savings account, unless you request a check from your attorney at closing instead||Access the account where the funds have been deposited||A fixed rate means your payment is always the same each month||Options can be from 5-20 years|
1Consult a tax advisor
2The Annual Percentage Rate (APR) is a variable rate based on the Prime rate published in the Wall Street Journal (WSJ) on the last business day of the month. The Prime Rate as of 8/24/2020 was 3.25%. The Rate is Prime for Life of the loan. Rate is subject to change after consummation. Floor is 4.00%. The maximum APR is 18.00%. Interest only payments during the 10-year draw period and principal and interest payments during the 10-year repayment period. Loan amounts up to $500,000. Minimum draw amount is $500 for each transaction. Convertible fixed-rate option available. Rates shown are for owner-occupied 1-2-unit primary residences including condominiums. Not available for homes currently for sale or intended to be sold. Combined Loan-to-Value (CLTV) limits apply. Subject to credit application and approval. Product Fees: $450 Attorney fee. If property is in a trust, trust review fee and recording fees apply. Property appraisal and property insurance are required. Flood insurance may be required. Title insurance is required if no first lien on property. Total Closing costs may apply ranging from $450 to $1,680. An early termination fee of $450 will apply if the line is terminated within first 36 months. A $50 annual fee applies. Rates are subject to change.
Designed for first-time savers, this account helps you save faster. Way faster. At 5.00% APY*, you’ll reach those goals before you know it.
Keep things simple with unlimited ATM rebates, 24/7 online and mobile banking, and no monthly fees. Get all the benefits you need, without any of the hassle you don’t.