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Home Equity Line of Credit


Home Equity Line of Credit (HELOC)  
Create the home of your dreams. Finance those renovations, repairs or even simple upgrades you've been thinking about for a while. A Home Equity Line of Credit can also be used to consolidate debt, make a large purchase, pay tuition bills, and help with life's little unexpected events.

Then Prime minus 0.51% for the life of your loan, 7.49% APR (1,2,3,5)


Prime minus .25% for the life of your loan, 7.75% APR (1,2,4,5)

Both of our HELOC products have 25 Year Terms with Interest only payments for initial 15 years and then 10 years repayment of Principal and Interest (15 Year Draw – 10 Repayment). WCB will allow up to 80% LTV on HELOC loans $25,000 - $500,000, 75% LTV on HELOC loans $500,001 - $750,000 and up to 65% LTV on HELOC loans $750,001 - $1,000,000. 1st or 2nd lien position. Available only on residential owner occupied primary residences (1-4 family and condominiums). Not available for homes currently for sale or intended to be sold. Additional terms and conditions may apply. Rate and terms may vary based upon credit history.

1 APR (Annual Percentage Rate) - is the annual rate that is charged for borrowing, expressed as a single percentage number that represents the actual yearly costs of funds over the term of the loan. This includes any fees or additional costs associated with the transaction.

2 Variable APR (Annual Percentage Rate) based on the Wall Street Journal Prime Rate published on the last business day of the month. The Wall Street Journal Prime Rate as of 03/23/2023 is 8.00%. Rates are subject to change. Maximum APR 18.00%.

3 WCB HELOC Special. Applicant(s) with a FICO Score equal or greater than 720, and with the automatic payment withdrawal from a Wakefield Co-operative Bank checking account will receive the 7.24% discounted introductory APR (Annual Percentage Rate) for the first 12 months the line is open. After the initial rate period, a minimum APR of Prime minus .51% will apply. This introductory rate offer is subject to change. Limited to one introductory offer per property address and per household and is not eligible for refinancing at the introductory rate. Refer to the Home Equity Line Disclosure: Prime -.51% for details.

4 WCB Standard HELOC. Applicant(s) with a FICO Score equal or greater than 700 will receive Prime minus .25%. Refer to the Home Equity Line Disclosure: Prime -.25% for details.

5 To open, maintain and discharge a line of credit, you may have to pay certain fees. These fees generally total between $0 and $2,500.00. An initial draw of $10,000 is required to be made at closing to waive a $500 processing fee. The initial draw excludes any payoff to an existing loan with Wakefield Co-operative Bank. During the life of the program you will be assessed an Annual Fee of $50 on the anniversary date of the loan. The annual fee may be waived if you open a checking account and maintain a minimum $3,500 balance. An early termination fee of $350 applies for lines closed within eighteen (18) months from date of closing. Consult a tax advisor for information regarding the deductibility of interest and charges. Loans over $250,000 will require an appraisal which will be paid by the borrower. Property insurance is required. Flood insurance is required as well, if property is located in a flood zone. Additional title and recording costs may apply.

What you should know about Home Equity Lines of Credit