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Home Equity Loans and Lines of Credit

Home Equity Loan
This product allows you to use the equity in your home to finance home improvements, an automobile purchase, a dream vacation, or those future educational needs. New England Bank offers a fixed rate home equity loan with fixed monthly payments and no closing costs and no fees. You have a choice of terms to pay it back, which range from 5 years to 15 years. The amount of the loan may be as low as $10,000.00 or as high as $250,000.00.

Rates as of Tuesday, August 31, 2010
Product Description Origination Fee Interest Rate Annual Percentage Rate Payment per $1,000 Apply
Home Equity Loans - Up to 80% combined LTV
5 Year   0.000% 3.990% 3.990% $18.41
10 Year   0.000% 4.500% 4.500% $10.36
15 Year   0.000% 5.000% 5.000% $7.91
Home Equity Loans - Up to 90% combined LTV
5 Year - 90% CLTV   0.000% 4.990% 4.990% $18.87
10 Year - 90% CLTV   0.000% 5.500% 5.500% $10.85
15 Year - 90% CLTV   0.000% 6.250% 6.250% $8.57

 
HELOC (Home Equity Line of Credit)
New England Bank offers a line of credit product with no closing costs and no fees. The interest rate is tied to the prime rate and only changes as the prime rate changes. The interest rate is also capped at a lifetime maximum over the initial rate. The amount of the line may be as low as $10,000.00 or as high as $250,000.00.

Rates as of Tuesday, August 31, 2010
Interest Rate Annual Percentage Rate Payment per $1,000 Apply
Home Equity Line of Credit - CLTV 80%
4.000% 4.000% $3.33
Home Equity Line of Credit - CLTV 90%
5.000% 5.000% $4.17

Home Equity Disclaimers

Home Equity Loans
  • Home Equity Loans are for one to four family owner-occupied properties only.  
  • Non-owner occupied properties are considered on a case-by-case basis, for properties on which New England Bank holds the first mortgage only.  
  • Subject to a $500.00 prepayment penalty for close out within first two years of loan/line.  
  • Due to market fluctuations programs, rates, terms and conditions are subject to change without notice.  
Home Equity Line of Credit
  • Home Equity Lines of Credit are for one to four family owner-occupied properties only.  
  • Loan Requests for less than $10,000.00 will be subject to a $250.00 Application Fee.  
  • Minimum Loan Amount of $10,000.00  
  • Up to 80% combined Loan-to-value
    • WSJ Prime for Life of Loan with a minimum rate of 4%,  
    • Floating Rate with a life time CAP of 6% over the initial rate 
    • Maximum loan up to $250,000.00 
  • Up to 90% combined Loan-to-Value 
    • WSJ Prime Rate plus 1.00% for Life of Loan with a minimum rate of 5%,
    • Floating Rate with a life time CAP of 6% over the initial rate
    • Maximum loan up to $75,000.00
  • Non-owner occupied properties are not eligible for the line of credit product. 
  • A $250.00 conversion fee will apply for an existing New England Bank HELOC to refinance for lower rate. 
  • Subject to a $500.00 prepayment penalty for close out within first two years of loan/line. 
  • Due to market fluctuations programs, rates, terms and conditions are subject to change without notice.