Utilize the equity available in your home to finance certain items, including:
- Home improvements or home repairs
- Refinance options
- Vacation home
- College tuition
- Debt consolidation
Home Equity Line of Credit ( Interest Only )^
- 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 by logging in to Online Banking. When an Advance is made in Online Banking the funds are available immediately!
- Billed monthly for interest only
Fixed Rate 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 payment will be
- Flexible terms
*Pentucket Bank’s Home Equity Line of Credit Annual Percentage Rate (APR) is 3.25%. The APR is a variable rate based on the Prime Rate as published in the money section of the Wall Street Journal, plus 0%. The promotional APR of 2.49% is fixed for the first 12 months (no further discounts are applicable). Thereafter, the APR will be 3.25% or the Prime Rate as published in the money section of the Wall Street Journal, plus 0%. Prime Rate is as of 3/16/2020. Minimum loan amount is $10,000/maximum loan amount is $250,000. Existing HELOC customers must obtain an additional $10,000 new money, promotional rate available once every twelve months, one loan per customer. Combined loan to value not to exceed 80%. 1-4 Family Owner Occupied primary residence only, property insurance required; flood insurance may be required. Early termination fee of $500.00 may apply if closed and paid off within the first 24 months. There are no closing costs in most cases if loan is in a valid second mortgage position behind a bank or other financial institution. You may pay certain fees to third parties. These fees generally total between $0.00 to $1,000.00. Consult your Tax Advisor about deductibility of interest. All loans are subject to the Bank’s credit standards. The maximum rate is 18%. Promotional offer may be terminated at anytime at the discretion of Pentucket Bank.
^Both the Equity Line of Credit and Equity Loans are subject to the following conditions:
- There are no closing costs in most cases if loan is in a valid second mortgage position behind a bank or other financial institution. You may pay certain fees to third parties. These fees generally total between $0.00 to $1,000.00.
- Loans are limited to a person's primary residence (1-4 Family Property)
- Loans amounts range from $10,000 to $250,000
- The maximum combined loan to value is 80%.