Home Equity Loans and Lines of Credit

Review our Current Home Equity Loan Rates: (As of November 18, 2024)

Home Equity Line of Credit (HELOC) rates vary by adding the Prime Rate as listed in the Wall Street Journal at the beginning of the billing cycle to the applicable margin. Minimum line amount is $25,000.00. No minimum draw required at closing. Minimum APR is 4%. Maximum APR is 18%. Maximum 75% combined loan-to-value. HELOC rates based on credit score of 740 or higher. If the minimum score is not met, the rate will be increased by .50%. Loan Origination Fees for all WSB lines normally total between $0.00 and $2,000.00. You must also pay certain fees to third-parties to open a line. These fees generally total between $500.00 and $1,100.00. Early Termination Fee of $500.00 if line is terminated and a request for discharge is made within the first two years. Annual Maintenance Fee of $75.00. We will give you an itemization of fees that you will have to pay to the Bank and to third parties upon request.

Home Equity Loan rates based on a credit score of 740 or higher. If the minimum score is not met, the rate will be increased by .25%. Add .125% when monthly payments not withdrawn from a WSB deposit account. Minimum loan amount is $25,000.00.

Property Insurance is required on HELOCs and HELOANs. Title insurance may be required for first lien HELOCs and HELOANs. Rates are subject to change without notice. Subject to credit approval. Please contact your tax or financial advisor regarding deductibility for tax purposes.

*10-year draw period plus 5-year repayment.

+New lines secured by owner-occupied or second homes only.

_{The Secure and Fair Enforcement Mortgage Licensing Act (also known as the SAFE Act) was updated in June 2011 and requires that all Mortgage Loan Originators (MLO) be registered with the Nationwide Mortgage Licensing System (NMLS) and Registry, and their full name and registration number be accessible to the general public. The NMLS ID for Watertown Savings Bank is 462041. The listed employees of Watertown Savings Bank have been registered (MLO Registration number in parentheses) and are fully compliant with the requirements of the SAFE Act.}

_{FEDERAL EQUAL CREDIT OPPORTUNITY ACT NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal Agency that administers compliance with this law concerning this creditor is: Federal Reserve Consumer Help P.O. Box 1200 Minneapolis, MN 55480.}