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Home Equity Rates

With powerful home equity solutions from Charles River Bank you can tap into the equity in your home and take advantage of powerful benefits to save you money, including potential tax benefits (consult your tax advisor).

Charles River Bank offers two great solutions to get the money you need at home – Home Equity Line of Credit and Home Equity Loan.

Both allow you to tap the equity in your home and take advantage of powerful benefits to save you money, including potential tax benefits (consult your tax advisor).

APPLY FOR A HOME EQUITY LINE

APPLY FOR A HOME EQUITY LOAN

Home Equity Line of Credit

Home Equity Line of Credit

If you need to draw funds over time, a flexible Home Equity Line of Credit may be right for you. It’s like having a credit card, allowing you to access and repay funds over and again. A home equity line is a great way to finance home renovations, college tuition, and other ongoing expenses.

Home Equity Line of Credit

ProductTermAPR*
Home Equity Lines of Credit
$10,000 to $250,000
No Points
No Closing Costs*
Option 1:
Home Equity Line of Credit
(10 Year Draw followed by a 10 Year Repayment Period)		20 Year Term8.00%
Prime Rate minus .50%
No Floor Rate
Option 2:
Home Equity Line of Credit
(10 year draw followed by a 10 Year Repayment Period)		20 Year Term7.50%
Prime Rate minus 1.00%
Floor Rate = 3.00%
Current Prime Rate is 8.50% APR
*Disclosure applicable to all Home Equity Lines of Credit: Products are available for owner-occupied 1-4 family residential properties. Minimum monthly payment: Interest Only. Annual percentage rate (APR) cannot exceed 18%. Minimum line is $10,000 and maximum line is $250,000.00. Homeowners' insurance is required and flood insurance may be required. First liens: If the Bank takes a first lien, payments will not include taxes and insurance, so your actual payment obligation will be greater. Rates may increase after consummation on the variable rate products. Rates effective as of 07/26/2023.
If the property is in trust, the Bank will charge you up to $200.00 for our Attorney's review of your trust prior to closing, and you may be required to pay a recording fee at closing, generally between $105 and $106.00 to the Registry of Deeds for the recording of the Trustee Certificate.

Home Equity Loan

Home Equity Loan

If you need to borrow a lump sum to finance a big expense, such as a wedding or a new car, our Home Equity Loan is a smart solution. You can choose from flexible and affordable payment plans to fit your budget. Need more flexibility? You may want a Home Equity Line of Credit.

Home Equity Loan

Loan TypeRatePointsAPR*P&I Pmt PER $1000
5 Years6.99%06.99%$19.80
10 Years7.250%07.250%$11.74
12 Years7.250%07.250%$10.42
15 Years7.375%07.375%$9.20
20 Years7.625%07.625%$8.13
20 Year 5/1 ARM6.99%06.99%$7.75
*Disclosure applicable to all Home Equity Loans: Products are available for owner-occupied 1-4 family residential properties. Minimum loan amount is $10,000 and maximum loan amount is $250,000.00. Annual Percentage Rate (APR) is .25% higher without autopay from a Charles River Bank deposit account. Homeowners' insurance is required and flood insurance may be required. First liens: If the Bank takes a first lien, payments will not include taxes and insurance, so your actual payment obligation will be greater. If the property is in trust, the Bank will charge you $150.00 for our Attorney's review of your trust prior to closing, and you may be required to pay a recording fee at closing, generally between $105 and $106, to the Registry of Deeds for the recording of the Trustee Certificate. Rates effective as of 11/30/2023.

**The Annual Percentage Rate (APR) may increase during the life of the loan. At the time of an interest rate change, the new interest rate will be determined by adding the Index (1 Year Treasury rate) at the time to the Margin (2.75%), rounded to the nearest one-eighth percentage point. Each interest rate adjustment is limited to 2% from the current interest rate, with a total adjustment over the life of the loan of 6% from the original Loan Note rate. Subject to credit approval. Interest rates can change at any time.

Personal Connections. Powerful Solutions.

To find out how your neighbors at Charles River Bank can help you achieve all your financial goals, visit one of our offices, use our contact form, or call us at (508) 533-8661.

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