Home Equity Loans

With a North Brookfield Savings Bank Home Equity Loan or Home Equity Line of Credit, you can tap into the equity you have in your home at a highly competitive rate and with flexible terms that are tailored to meet your particular needs. With either equity product, you may be able to borrow up to a combined 75% of your home’s appraised value, less the outstanding balance of your first mortgage and any other liens. Plus, the interest you pay may be tax deductible. Please consult your tax advisor.

 

Fixed Rate Equity Loan

  • Ideal for homeowners who favor the security of a fixed loan payment for the life of the loan
  • Ideal for home improvement plans as well as other purchases and projects
  • Competitive rates and efficient approval
  • For properties in MA only

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Equity Lines of Credit

  • Ideal for homeowners who prefer the flexibility of a revolving line of credit
  • Interest only payments for the first 10 years
  • Option for a fixed introductory rate for a specific timeframe available
  • As you repay your outstanding balance, the amount of available credit is replenished
  • For properties in MA only

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Contact a Lender

 

*All Equity Lines of Credit: Property must be an owner occupied 1-4 family residence located in MA. Minimum credit line $10,000. Maximum combined loan to value is 75% of the appraised value less any existing first mortgage balance if the 1st mortgage is held by North Brookfield Savings Bank. Maximum combined loan to value is 70% of the appraised value less any existing first mortgage if the 1st mortgage is held by an external bank. Subject to credit approval. Homeowners insurance is required. Flood insurance may be required. 20yr Loan with a 10yr draw period followed by a 10yr repayment period. Minimum draw $500. Minimum monthly payment during draw period based on interest due. During repayment, your minimum monthly payment will be equal to 1/120th of the principal balance outstanding at the end of the draw period plus accrued interest and in no event less than $100. Payment amounts do not include taxes and insurance. Closing costs paid by NBSB if the loan amount is $250,000 or less. An appraisal fee ranging from $100-$450 is required and to be paid by borrower. $105 recording fee to discharge a prior mortgage may be required. Loan amounts over $250,000 will be the borrower’s responsibility for all closing costs to be paid. Closing costs range from $3,000 – $8,000. Termination fee of $500 required if the credit line is formally closed within 36 months. Loan amounts over $647,200 are considered Jumbo and may be subject to a higher rate or fees.

Thank you for considering North Brookfield Savings Bank for your Home Equity financing needs.