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Home Equity Lines of Credit and Home Equity Loans


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

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Want to learn more about taking advantage of your home's equity?


Or call us at (978) 372-7731
 

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
NOTE: An early termination fee may apply if paid and closed within the first twenty-four months. 


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 5.50%. The APR is a variable rate based on the Prime Rate as published in the money section of the Wall Street Journal on the last business day of the month, plus 0%. Thereafter, the APR will be 5.50% or the Prime Rate as published in the money section of the Wall Street Journal on the last business day of the month, plus 0%. Prime Rate is as of 7/31/2022. 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%.