Personal Solutions
Home Equity Rates
Tap the equity in your home and take advantage of powerful benefits to save you money, including potential tax benefits (consult your tax advisor).
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.
| Product | Term | APR* |
|---|---|---|
| Home Equity Lines of Credit $10,000 to $500,000 No Points |
||
| Home Equity Line of Credit (10 Year Draw followed by a 10 Year Repayment Period) | 20 Year Term | 7.00% Prime Rate minus 0.50% No Floor Rate |
Disclosure applicable to all Home Equity Lines of Credit:
*The Annual Percentage Rate (APR) is variable and subject to change monthly based on the Wall Street Journal Prime Rate. The maximum rate is 18% APR. HELOCs have no Floor Rate. The term is based on a 10 year draw period and a 10 year repayment period. Monthly payments are interest only during the draw period.
Products are available for owner-occupied 1-4 family residential properties. Minimum line is $10,000 and maximum line is $500,000. 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.
For loan amounts over $250,000, an appraisal will be required and the cost will be the responsibility of the applicant.
If the property is in trust, the Bank will charge you up to $200 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. Other fees may apply.
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.
| Loan Type | Rate | Points | APR* | P&I Pmt PER $1000 |
|---|---|---|---|---|
| 5 Years | 6.750% | 0 | 6.750% | $19.68 |
| Without Autopay | 7.000% | 0 | 7.000% | $19.80 |
| 10 Years | 7.000% | 0 | 7.000% | $11.61 |
| Without Autopay | 7.250% | 0 | 7.250% | $11.74 |
| 12 Years | 7.000% | 0 | 7.000% | $10.28 |
| Without Autopay | 7.250% | 0 | 7.250% | $10.42 |
| 15 Years | 7.125% | 0 | 7.125% | $9.06 |
| Without Autopay | 7.375% | 0 | 7.375% | $9.20 |
| 20 Years | 7.375% | 0 | 7.375% | $7.98 |
| Without Autopay | 7.625% | 0 | 7.625% | $8.13 |
| Adjustable Rate Home Equity Loan** | ||||
| 20 Year 5/1 ARM | 6.750% | 0 | 6.750% | $7.60 |
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. 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 effective as of 09/26/2024.
*Annual Percentage Rate (APR) is .25% higher without autopay from a Charles River Bank deposit account.
**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.
