Home Equity Lines

Scituate Federal Savings Bank’s Equity Line of Credit is a personal line of credit secured by the equity on 1-4 family properties that are either a primary residence or a second (vacation) home.Your equity line may be secured by either a first or second mortgage lien. It can give you up to $100,000 for whatever you need. Funds can be accessed either by check, by phone from our Telephone Banking Center or online through our Online Banking service. As you repay what you’ve used, it becomes available for you to use again – without another application. Both fixed-rate and variable-rate line programs are available featuring a competitive rate and no points, no annual fee, and no closing costs.

 

On the fixed-rate program, you can borrow and repay and borrow again for the first five (5) years (the draw period) and make minimum payments of interest only on the outstanding principal balance. After the draw period, the outstanding on your line balance would then fully amortize in equal monthly installments over the remaining 10 years of the loan. See our fixed-rate program disclosure for more details.

 

On the variable-rate program, you can borrow and repay and borrow again for the first 10 years (the draw period) and make minimum payments of interest only on the outstanding principal balance. After the draw period, the outstanding loan balance would then fully amortize in monthly installments over the remaining five (5) years of the loan. See our variable-rate program disclosure for more details.

 

In most cases, the interest you pay may be tax deductible. Consult with your tax advisor regarding the deductibility of interest.

Find the product and loan terms that are right for you on our rate charts below and apply now – or, should you have any questions, or for additional information and Loan-to-Value requirements, call or visit any one of our convenient branch locations.

FIXED-RATE EQUITY HOME LINES:

These rates are with direct withdrawal from a Scituate Federal Savings Bank account.
Add ¼% if not utilizing direct withdrawal from a Scituate Federal account.
1-4 family primary residences and second (vacation) homes only.
Property insurance required.
Flood insurance required where applicable.

These are variable rate products and the Rates and APRs may increase or decrease after the loan has been established.

The interest rate is the Wall Street Journal Prime Rate in effect on the last business day of each month minus .50% for the life of the line.

The Wall Street Journal Prime Rate is 3.25% as of January 1, 2012.

Maximum Annual Percentage rate (APR) that may be imposed under this variable rate plan is 12%.

Minimum Annual Percentage Rate (APR) that may be imposed under this variable rate plan is 5.00%.

1-4 family primary residences and second (vacation) homes only.

Property insurance required.

Flood insurance where applicable.