Pentucket Bank's home equity products allow you to use the equity in your home to fund home improvements, debt consolidation, college tuition and much more. The Bank offers both a home equity loan as well as a line of credit. The features of these products are outlined below:
Home Equity Line of Credit:
- The line of credit is a revolving loan, and as such, the principal automatically becomes available again as you repay it;
- You can access your funds via checks that the Bank provides;
- You have the choice of making interest only payments or you can repay the principal based on a set repayment schedule; and
- There are no closing costs.
Home Equity Loan:
- You borrow a certain amount for a specific period of time;
- Your payments are fixed so you have the stability of knowing what your monthly payments will be;
- The Bank offers terms of 5, 10, 15 and 20 years; and
- There are no closing costs.
Both the line of credit and term loan are subject to the following conditions:
- Loans are limited to a person's primary residence (1-4 family property);
- Loan amounts range from $10,000 to $150,000;
- The maximum loan to value is 80%; and
- A prepayment penalty may apply if paid and closed within the first twenty-four months.
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