The Performance Home Equity Line Difference
Unlike with most other Banks, with Scituate Federal Savings Bank’s Performance Home Equity Line, you don’t need to choose between a revolving line of credit and a fixed rate loan when you apply.

You can borrow on your revolving line of credit and then, if you choose, can ask to convert a portion (or all) of the amount you’ve borrowed into a fixed-rate installment loan. You can have up to 5 fixed-rate installment loans outstanding at one time, without having to go through another application process. The amount available on your credit line will be reduced by the total balance(s) of your installment loan(s). As you pay down the balance of the installment loans, the amount available to borrow on your credit line will be replenished.

See our variable-rate program disclosure for more details.

Interest Rates
The revolving line of credit has a variable rate of interest that can change monthly.

Each fixed-rate installment loan associated with the account has a fixed rate and fixed payment amount for the term of the installment loan. The rate is determined at the time of the conversion and depends on the term of the loan. Ask us about our current rates and terms.

Monthly Statements & Payments
Each month you will receive a Scituate Federal Savings Bank Performance Home Equity Line statement. If your payments are set up for AutoPay, they will be made automatically.

If you’ve converted some or all of your revolving balance into one or more fixed-rate installment loans, the monthly statement will also provide information about the installment loans. You will also receive a separate bill for each installment loan.

If you do NOT authorize automatic payments, simply use the bill from your monthly statement to make the payment due on your revolving line and the separate billing notices you receive for each fixed-rate installment loan.


Checks - Availability of Funds
The Bank is prohibited by law from releasing loan proceeds for a period equal to three business days after the mortgage closing date, if the loan is to be secured by your principal dwelling (primary residence). You may then access your credit line simply by writing a check. Special checks are provided for this purpose.

Initially we will provide starter checks for you to use. Printed checks bearing your name(s) and address will be mailed directly to your home. These should arrive 2-3 weeks after your closing appointment. The package of 25 includes a reorder form. In the event that you would like to access your line of credit immediately after your closing, you may use the starter checks.

Please keep a record of all checks you write against your Home Equity Credit Line. Your canceled checks will not be returned to you.

Conversion to Fixed Rate Loan(s)
During the draw period, you can convert all or a portion of your revolving balance into a Fixed Rate Installment Loan. You can have up to five (5) installment loans open at any one time. 

 

Questions
If you have any questions about our Performance Home Equity Line, contact our Consumer Loan Department for assistance at (781) 834-2100.

**The interest rate adjusts monthly based on the Wall Street Journal prime rate plus 0% for the life of the line (3.25% on 1/31/2012). Maximum annual percentage rate (APR) is 18%, minimum APR is 3.25%. Equity Lines are subject to $25 annual fee (waived for accounts with an outstanding balance during the calendar year). Available for owner-occupied residences only (1-4 family property or condominium). Loan-to-value limits apply. Property insurance is required. Flood insurance may be required. Homes currently on the market or planned for sale within a year are not eligible. Offer, rates and program subject to change without notice. Consult your tax advisor about deductibility of interest. Subject to credit application and approval. Please call for additional details and requirements.

ALL RATES, TERMS AND PROGRAMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.

The Online Equity Line Application Process

For more information, please call or visit any one of our convenient branch locations.