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Home Equity Loan
When you need a little extra cash, we're here to help. Whether you're looking to spruce up your home, consolidate your debt, or help your kids through college, tap into your home equity! At South Shore Bank, we offer a home equity loan for a whole range of financial needs. Ask us about it.
Our Home Equity Loan makes things easy for you. Simply apply for a lump sum of money, and repay it over time. On a fixed rate and term, there are no surprise fees. Yep, it's that easy.
Home Equity Loan Rates
Effective as of 4/23/2024
| Term | Annual Percentage Rate (APR)1 | Monthly Payment per $1,000 | |
|---|---|---|---|
| 5 Years | 6.74% | $19.68 | |
| 10 Years | 6.99% | $11.61 | |
| 15 Years | 7.24% | $9.12 | |
| 20 Years | 7.74% | $8.20 |
1Advertised Annual Percentage Rate (APR) is fixed. Above rates include 0.25% discount for auto debit payments from a SSB Checking Account. Minimum loan amount $25,000; maximum loan amount $350,000. The maximum combined loan to value (CLTV) is 70% for 1-4 family owner occupied properties. Second homes (vacation properties only) have a max CLTV of 60% across all terms and balance tiers. Normal and customary closing costs paid by SSB. Property held in a Trust may be considered; however, the following fees will be collected from the borrower prior to closing: Trust review Fee $75 and record Trustee Certificate $110.50; additional fees may apply. Property insurance is required. Flood insurance may be required. An appraisal fee ranging from $475 - $575 may apply. Certain restrictions may apply. Subject to credit approval. Payment example does not include taxes or insurance premiums. Actual payment obligation will be greater. NMLS #407656.