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Home Equity Loan

A fully amortizing fixed-rate second mortgage with various terms. You pay off your home equity loan in monthly installments, with the same payments for the term of the loan.

Features

  • Minimum loan amount, $10,000; maximum, $300,000
  • Fixed monthly payments for the term of the loan
  • Competitive rates

Home Equity Loan Rates

*Effective as of 2/26/2021

ProgramTermAPRMonthly Payments per $1000 Borrowed
Fixed Rate Home Equity Loan5 Years4.625%$18.70
6 - 10 Years4.750%$15.99
11 - 15 Years4.875%$9.80
16 - 20 Years5.000%$7.58

2Loan amounts from $10,000 - $300,000 for 1-4 family primary residences within Massachusetts. Bluestone Bank will waive fees to obtain a Home Equity loan. Fees to be waived include automated valuation (AVM) fee, credit report fee, flood zone determination fee and legal fees. Appraisal fee, if required, is payable in advance by applicant. 60% combined loan to value ratio up to $200,000 for 1-family residences and condominiums. Lower loan to value ratio applies to all other transaction & property types. All home equity products require proof of adequate property insurance. Monthly payment example based on minimum term. Rates shown assume monthly payments are made via automatic payment from a Bluestone Bank checking or statement savings account. Add .25% to rate if automatic payment is not desired. Payments do not include amounts for real estate taxes and insurance premiums, if applicable, which will increase your total payment obligation. Subject to credit approval.

Home Equity Line of Credit

A revolving line of credit that lets you borrow, repay and re-borrow. We set the line amount based on the equity in your property and your qualifications as a borrower. Rates adjust on a monthly basis.

Features

  • Revolving line of credit, ranging from $10,000 to $300,000
  • Interest-only payments for the first 10 years
  • No minimum draw at closing
  • Competitive rates

Home Equity Line of Credit Rates

*Effective as of 2/26/2021

ProgramAPR
Prime minus 1% for the life of the line with automatic monthly payments from a Bluestone Bank checking account (Line Amounts from $10,000 to $300,000.)2.25%1
Prime minus 0.75% for the life of the line (no automatic payments) (Line Amounts from $10,000 to $300,000.)2.50%1

1Annual Percentage Rate (APR) based on the Prime Rate as published in The Wall Street Journal on the last business day of the billing cycle. This rate may increase or decrease monthly. As of January 02, 2021, the Prime Rate is 3.25% with a Minimum Floor Rate of 2.25%. The maximum APR is 18% during the life of the line of credit. Line amounts from $10,000 to $300,000 for 1-2 family primary residences within Massachusetts. Bluestone Bank will waive fees to obtain a Home Equity product. Fees to be waived include automated valuation (AVM) fee on single family homes, credit report fee, flood zone determination fee and legal fees. Appraisal fee, if required, is payable in advance by applicant. There is a $50 annual fee. There is a $400 early termination fee if the line is terminated within 36 months after the Agreement is signed. 60% combined loan to value ratio up to $200,000 for 1-family residences and condominiums. Lower loan to value ratio for all other transaction & property types. All home equity products require proof of adequate property insurance. Subject to credit approval.

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