The Savings Bank

A Home Equity Loan or Line of Credit can be the answer when it’s time to take care of home improvements, pay school tuition, take a vacation or pay for unexpected life events. You just might find the cash you need right under your own roof. See which one is right for you.

*APR = Annual Percentage Rate. Rates effective 6/29/2022.

Home Equity Line of Credit

APR*

Maximum Term

Minimum

Loan Amount

Maximum Loan Amount

3.500%¹

20 Years

$10,000

$500,000

*APR = Annual Percentage Rate. 1. Your rate will adjust monthly based on the Prime Rate as published in the Wall Street Journal on the last business day of the month minus ½%. The current Prime Rate is 4.75% as of June 30, 2022. The APR is subject to change and may increase after consummation. The maximum APR is 18.000% and the minimum APR is 2.75%. Your minimum payment due will never be lower than $100.00. Property insurance is required, and flood insurance may be required. Subject to credit and property approval. Property must be a 1-to-4 family owner-occupied home.  Loan maximum $500,000 with a Loan-to-Value of up to 80% of your home’s appraised value. The borrower will be responsible for closing costs of approximately $568.60, which includes the Attorney Fee, Recording Fee, Flood Certificate Fee, and Credit Report Fee. The Bank will pay for the appraisal. There is a $25 annual fee. You should consult with a tax adviser about the deductibility of interest and charges paid on your Home Equity Line of Credit. Your monthly payments will be varied and based on the amount you borrow. There is a 10-year draw period and 10-year repayment period. The monthly payment during the draw period consists of ½% of 1.000% of the outstanding principal, plus finance charges, you pay finance charges only on the funds that you use; monthly payments of principal and finance charges. Other restrictions may apply. Rates and offerings may change without prior notice.

Fixed-Rate Home Equity Loan

APR*

Maximum Term

Minimum

Loan Amount

Maximum Loan Amount

Monthly Payments per $1,000 borrowed¹

5.750%

15 Years

$10,000

$200,000

$8.30

6.250%

20 Years

$75,000

$200,000

$7.31

*APR=Annual Percentage Rate. Rates may increase after consummation. Subject to credit and property approval. Hazard insurance is required. Flood insurance may be required. Property must be 1 to 4 family owner-occupied. Loan-to-Value of up to 80% of your home’s appraised value. This loan must be recorded in second position, junior to an existing first mortgage. The borrower will be responsible for closing costs of approximately $568.60, which includes the Attorney Fee, Recording Fee, Flood Certificate Fee, and Credit Report Fee. The Bank will pay for the appraisal. You should consult with a tax adviser about the deductibility of interest and charges paid on your Home Equity Loan. All interest rates and program guidelines may change without prior notice. Other restrictions may apply. Other rates and terms are available.
1. The "Monthly Payments per $1000 borrowed" amounts referenced above do not include real estate taxes and insurance. Actual payment obligation will be greater.

Talk to The Savings Bank

To find out how The Savings Bank can help you achieve all your financial goals, visit one of our branch locationsuse our contact form, or call us at 800-246-2009.

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