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Home Equity Lines Of Credit
Doesn’t it seem that getting a loan when you really need it can take forever? Once you have your Mansfield Bank Home Equity Line of Credit, you are prepared for life’s little and big emergencies. Whether it’s a leaky water heater, a new roof or covering a college tuition payment that’s due before the student loan check comes in, you’re covered. You have access to the total amount of your Equity Line of Credit simply by writing a check. Our Home Equity Lines of Credit have the following features:*
• Annual Percentage Rate (APR) is Prime minus 1/4%.
• APR is discounted for 12 months 1.26% with an initial advance of $25,000.00 or more at closing.
• Interest-only payments on the balance you owe for the first 10 years; and then take up to an additional 10 years to repay the remaining balance.
• No closing costs.
• Make principal payments whenever you choose.
• Interest may be tax deductible (Consult your Tax Advisor).
• Minimum check amount is only $200.00.
• Home Equity Lines available up to $100,000.
• Borrow up to 70% of the tax assessed value of your home or, up to 80% of the appraised value (subject to credit approval).
• The Equity Line of Credit remains open for 10 years and will then go into repayment for the remaining 10 years.
For more information about Home Equity Lines Of Credit please contact:
Chris Milne or Dave Tetreault
*The Annual Percentage Rate is based on The Wall Street Journal Prime. 1-4 family owner-occupied primary residence properties only. Mobile homes are not eligible. Rates are subject to change without notice but will never exceed 18% APR. Not available for homes currently for sale or intended to be sold within 12 months of closing. Property insurance required. Appraisal Fees ranging from $225 to $450 apply, if appraisal is required, Trust review fees ranging from $85 to $175 apply for properties held in trust. Annual fee of $25.00 (waived for the first year). Penalty for early termination. Other terms and conditions may apply. Automatic payment from a Mansfield Bank checking account required.
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