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Home Equity Loans

Use the equity in your home to receive one lump sum and secure a fixed rate and fixed monthly payment. Interest may be tax deductible (Please consult your tax advisor.)

Easy Does It Equity Loan at a Glance
Maturity Date 5, 10 or 15 years
Programs Home Equity Loan – 5 Year Term:
Rate is currently 3.99% and is to subject change. Automatic payment from an NMSB statement account is required.* Monthly payment per $1,000 is $18.41. APR** 4.018% on a $100,000 mortgage amount.

Home Equity Loan – 10 Year Term:
Rate is currently 4.49% and is subject to change. Automatic payment from an NMSB statement account is required.* Monthly payment per $1,000 is $10.36. APR** 4.505% on a $100,000 mortgage amount.

Home Equity Loan – 15 Year Term:
Rate is currently 4.99% and is subject to change. Automatic payment from an NMSB statement account is required.* Monthly payment per $1,000 is $7.90. APR** 5.000% on a $100,000 mortgage amount.
Max Total 80% of appraised value of home (borrower's cost of appraisal is $400 single/$550 2 family, if needed)
Loan to Value Ratios
An appraisal is required for loans over $100,000, or 70% of BPO (Broker Price Opinion), less amount of 1st mortgage
Existing NMSB appraisals not older than 6 months old may be considered
Primary Residence and Second Homes Only- single or 2-family properties
Propery Insurance is Required
Security Loan to be secured by a 2nd mortgage on property
Loan Limits $15,000 to $250,000 using appraised value
$15,000 to $100,000 using BPO
Turn Around Time Approximately 2-3 weeks
Fees
Closing Costs:
$18 for Flood Determination Certification
$50 Set-up Fee
** appriasal cost, if required is the borrowers cost
Lending Area Massachusetts and Southern New Hampshire (towns adjacent to Massachusetts)
 

*Rate increases 1% without automatic withdrawal

** Annual Percentage Rate