With a Home Equity Line of Credit from North Shore Bank, you can use the equity in your home whenever you need it. Whether adding a room, buying a boat or financing a child’s education, our FreedomFlex Equity Line can provide you with flexibility and worry-free ease of usage. This unique product combines features of a Home Equity Line of Credit and a Home Equity Loan, plus some extra features to better serve your changing financial needs. For instance you always have the option of converting a portion or the entire line of credit to a fixed rate. And remember, with a Home Equity Line of Credit, the interest may be tax-deductible (make sure to check with your tax advisor).
Our Home Equity Line of Credit offers:
- No closing fees or closing costs*
- Loan amounts up to $500,000
- A super-low introductory rate for the first year (see below) and then a variable rate that floats with the Prime Rate as published by the Wall Street Journal
For additional information about our Home Equity Lines, stop by any of our twelve branch locations or call Customer Support at (978) 573-1300 (during normal operating hours).
* Annual Percentage Rate (APR) as of 11/30/18 is 2.99% fixed for the first 12 months of the line. Thereafter, the rate will adjust to the Prime Rate as published in the Wall St. Journal on the last business day of the month (Prime Rate as of 12/20/18 was 5.50%) minus .50%. Maximum interest rate is 18.00%, with a floor of 3.00% after the first year. Requires an initial draw of $20,000 at closing. Automatic payments from a North Shore Bank checking account required. If auto pay is discontinued at any time, the rate will adjust to Prime. Property insurance is required and flood insurance may be required. $50 Annual Membership Fee (waived the first year if the borrower has an Advantage Checking account.). 1-4 family owner occupied properties and second homes only. Property must not be currently listed for sale. Minimum line amount is $25,000. Maximum line amount $500,000. For Loan requests up to $250,000, the Bank may utilize automated appraisals to determine property value. If a full appraisal is needed or requested by the borrower, the appraisal fee will be at the borrower's cost. Maximum 75% combined loan-to-value based on appraised value. Maximum debt-to-income ratio 43%. Early termination fee of $500 for equity line accounts closed within the first 36 months. Subject to credit approval. If property is held in a Trust, or there are outstanding discharges, borrowers will pay additional fees. If the line is in first lien position or in excess of $250,000 title insurance will be required to be paid by the borrower. NMLS Number. 466007