Home Equity

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.

Home Equity Loan Rates

Effective as of 12/1/2021

TermAPR1Monthly Payment per $1,000
5 Years4.490%$18.63
10 Years4.740%$10.47
15 Years4.990%$7.90
20 Years5.250%$6.73
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 $250,000. Only applicants with existing South Shore Bank first lien, or no existing lien, are eligible. 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 $107; additional fees may apply. Property insurance is required. Flood insurance may be required.   An appraisal fee ranging from $425 - $575 may apply. Certain restrictions may apply. Subject to credit approval. NMLS #407656.

Home Equity Line of Credit Rates

TypeAPR
1Auto Deduct; Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentWith minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.74%. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 0.99%
2Non-Auto Deduct, Interest Rate Adjusts Monthly, 10 Year draw followed by 10 Year repaymentWith minimum $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 1.24%. Without $20K Draw at closing, Rate subject to adjust monthly to WSJ Prime Rate plus 1.49%
1Automatic Payment Deduction. Rate subject to change without notice. The Annual Percentage Rate (APR) is subject to adjust monthly based upon the Wall Street Journal (WSJ) Prime Rate plus 0.74% with at least a $20,000 draw at closing and the continuance of an automatic payment deduction from a SSB Checking Account. With an automatic payment deduction, but less than a $20,000 draw at closing, the interest rate/APR will be the current WSJ Prime Rate plus 0.99%. Current Wall Street Journal Prime Rate is 3.25%.

2Non-Automatic Payment Deduction. If you do not have an automatic payment deduction from a SSB checking account, but take a minimum $20,000 draw at closing, the interest rate/APR will be the current WSJ Prime Rate plus 1.24%. Without $20,000 draw, the interest rate/APR will be the WSJ Prime Rate plus 1.49%. Current Wall Street Journal Prime Rate is 3.25%.

The Minimum Annual Percentage Rate that can apply is 3.500%. The Maximum Annual Percentage Rate that can apply is 18%. Minimum loan amount is $10,000; maximum loan amount is $250,000. Only applicants with existing South Shore Bank first lien, or no existing lien, are eligible. Combined loan-to-value ratio (CLTV) is 70% for 1-4 family owner occupied properties and 60% for second homes (vacation properties only). 1-4 family OWNER OCCUPIED properties and second homes only. Property insurance is required. Flood insurance may be required. Minimum loan amount is $10,000. 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 $107. An appraisal fee ranging from $425 - $575 may apply. Certain restrictions apply. Annual fee of $100 applies. Early termination fee of $475 may apply. Subject to credit approval. NMLS #407656.