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.
SPECIAL 12 MONTH INTRODUCTORY RATE (1) OF 2.49% APR (2,3,5)
Then Prime minus 0.51% for the life of your loan, 2.74% APR (2,3,5)
WCB HOME EQUITY LINE OF CREDIT
Prime minus .25% for the life of your loan, 3.00% APR (2,4,5)
Minimum loan amount is $25,000
Maximum loan amount is $750,000
Maximum LTV of 75%*
15 Year Draw - 10 Year Repayment - 25 Year Term
WCB will allow up to 75% LTV on HELOC loans if the loan represents a 1st lien on the property or a 2nd lien behind a first mortgage held by Wakefield Co-operative Bank.
1 Requires 700 or Greater Fico Score and auto Pay from an WCB Checking account
2 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.
3 12 Month Discount Home Equity Line of Credit
Prime minus .51%; Applicant(s) with a FICO Score equal or greater than 700, an automatic payment withdrawal from a Wakefield Co-operative Bank checking account will receive the 2.49% introductory APR (Annual Percentage Rate) for the first 12 months following account set up. After the initial rate period, a minimum APR will apply. Current Prime Rate less 0.51% (currently 3.25% - 0.51% = 2.74% APR). This introductory rate offer is subject to change and is limited to one introductory offer per property address and per household and is not eligible for refinancing at the introductory rate.
4 Prime minus .25% Standard Home Equity Line of Credit
If applicant(s) does not meet above mentioned requirements including opening a WCB checking account, the Standard Home Equity Line of Credit may be available to applicants with a FICO Score equal or greater to 680. Refer to the Home Equity Line Disclosure: Prime - .25% below for details.
5 Variable APR (Annual Percentage Rate) based on the Wall Street Journal Prime Rate published on the last business day of the month 3.25% as of 3/16/2020. Rates are subject to change. Maximum APR 18.00%. An initial draw of $10,000 is required to be made at closing and remain outstanding for 90-days to waive a $500.00 processing fee. The initial draw excludes any payoff to an existing loan with Wakefield Co-operative Bank. Interest only payments for initial 15 years, with additional 10 years’ payback of Principal & Interest. Maximum LTV 75%, rate and terms may vary based upon credit history. Loans over $250,000 will require an appraisal which will be paid by the borrower. Not available for homes currently for sale or intended to be sold. Subject to credit approval. 1-4 family, owner occupied primary residences, and condominiums qualify. Property insurance required. Flood insurance may be required and as well as additional costs for trusts and title costs. Consult a tax advisor for information regarding the deductibility of interest and charges. To open, maintain and discharge a line of credit, you may have to pay certain fees. These fees generally total between $200 and $1,500.00. During the life of the program you will be assessed an Annual Fee of $50.00 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 $350.00 applies for lines closed within eighteen (18) months from date of closing.