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HOME EQUITY LOANS AND LINES OF CREDIT

Mortgage and Equity Lending Area

Foxboro Federal's mortgage and equity loan lending area consists of Essex, Middlesex, Norfolk, Bristol, Plymouth, Barnstable, Worcester and Suffolk counties in Massachusetts and the entire state of Rhode Island, with the following exceptions. Excluded are the islands of Martha's Vineyard and Nantucket in MA and Block Island in RI.

 

Please review our Home Equity Checklist
 
Home Equity Loans
 
A home equity loan allows you to access your available equity in one lump sum, disbursed at closing; giving you the security of a fixed rate and term.

Fixed Rate Equity Loan with Closing Costs - Massachusetts

Rates as of Friday, May 18, 2012
Product Description Interest Rate Annual Percentage Rate Payment per $1,000 Payments Closing Costs Apply
Fixed Rate Equity Loan with Closing Costs - MA
Loan Amount $25,000. - $250,000.
10 years - Fixed Equity Loan - MA   3.250% 3.354% $9.77 Show Payments and Rates $558.80
15 years - Fixed Equity Loan - MA   3.490% 3.562% $7.14 Show Payments and Rates $558.80
20 years - Fixed Equity Loan - MA   4.490% 4.548% $6.32 Show Payments and Rates $558.80
Closing Costs approximately $700. Owner occupied SF properties only. Maximum 75% TLTV. Appraisal cost additional if required. Properties held in Trust add approx. $176. to closing costs. Property insurance required. APR based on a $50,000. loan. Cost per thousand does not include taxes or insurance; if escrows were to be required, the actual payment would be greater.


Fixed Rate Equity Loan with Closing Costs - Rhode Island

Rates as of Friday, May 18, 2012
Product Description Interest Rate Annual Percentage Rate Payment per $1,000 Payments Closing Costs Apply
Fixed Rate Equity Loan with Closing Costs - RI
Loan Amount $25,000. - $250,000.
10 years - Fixed Equity Loan - RI   3.250% 3.354% $9.77 Show Payments and Rates $558.80
15 years - Fixed Equity Loan - RI   3.490% 3.562% $7.14 Show Payments and Rates $558.80
20 years - Fixed Equity Loan - RI   4.490% 4.548% $6.32 Show Payments and Rates $558.80
Closing Costs approximately $700. Owner occupied SF properties only. Maximum 75% TLTV. Appraisal cost additional if required. Properties held in Trust add approx. $176. to closing costs. Property insurance required. APR based on a $50,000. loan. Cost per thousand does not include taxes or insurance; if escrows were to be required, the actual payment would be greater.


Fixed Rate Equity Loan with No Closing Costs* - Massachusetts

Rates as of Friday, May 18, 2012
Product Description Interest Rate Annual Percentage Rate Payment per $1,000 Payments Apply
Equity Loan Minimum Amount $30,000 with No closing Costs*
10 Year - Fixed Equity Loan - NC - MA   4.990% 4.990% $10.60 Show Payments and Rates
Equity Loan Minimum Amount $50,000 with No Closing Costs*
15 Year - Fixed Equity Loan - NC - MA   5.250% 5.250% $8.04 Show Payments and Rates
20 Year - Fixed Equity Loan - NC - MA   5.750% 5.750% $7.02 Show Payments and Rates
Requires automatic loan payment from a FoxFed Checking account. Single family owner occupied properties only. Maximum LTV 75%. Appraisal and/or recording fees may apply. Property held in trust will have some closing costs approx. $176. Prepayment Penalty. Property insurance is required. Maximum Loan amount $250,000.


Fixed Rate Equity Loan with No Closing Costs* - Rhode Island

Rates as of Friday, May 18, 2012
Product Description Interest Rate Annual Percentage Rate Payment per $1,000 Payments Apply
Equity Loan Minimum Amount $30,000. with No Closing Costs*
10 Year - Fixed Equity Loan - RI   4.990% 4.990% $6.59 Show Payments and Rates
Equity Loan Minimum Amount $50,000. with No Closing Costs*
15 Year - Fixed Equity Loan - RI   5.250% 5.250% $8.04 Show Payments and Rates
20 Year - Fixed Equity Loan - RI   5.750% 5.750% $7.02 Show Payments and Rates
Requires automatic loan payment from a FoxFed Checking account. Single family owner occupied properties only. Maximum LTV 75%. Appraisal and/or recording fees may apply. Property held in trust will have some closing costs approx. $176. Prepayment Penalty. Property insurance is required. Maximum Loan amount $250,000.

Home Equity Lines of Credit 
If you have equity available in your home, a home equity line of credit will give you access to the funds you need to consolidate bills, payoff high interest credit cards, start or finish home improvement projects, pay college tuition or take that much deserved vacation. The interest paid on your line may be tax deductible, so please consult your tax preparer or accountant.
  
The interest rate is Prime minus .25% for life, adjustable monthly; tied to the Wall Street Journal Prime Rate published on the last business day of the month. Your required payment during the Draw period is interest only then becomes a principal and interest payment during the 10 year Repayment Period.
 

Home Equity Line of Credit  - Massachusetts

Rates as of Friday, May 18, 2012
Product Description Interest Rate Annual Percentage Rate Payment per $1,000 Payments Apply
Home Equity Line of Credit - Loan amounts up to $100,000.
25 Years - HELOC - MA   3.250% 3.250% $2.71 Show Payments and Rates
Home Equity Line of Credit - Loan amounts $100,001. to $250,000.
20 Years - HELOC - MA   3.250% 3.250% $2.71 Show Payments and Rates
Single family dwelling 75% max LTV; Condos 50% max TLTV.  Annual Maintenance Fee $25; fee waived if disbursed balance on Line Anniversary is over $10,000.  If the line is closed within the first two years, a  $500. termination fee will be charged. Maximum APR 18%, Minimum APR 3.25%.  Properties held in Trust will have approx. $176. additional closing costs.  Property insurance is required.  Also a FoxFed Checking acct. and an automatic loan payment are required.

 
Home Equity Line of Credit  - Rhode Island 

Rates as of Friday, May 18, 2012
Product Description Interest Rate Annual Percentage Rate Payment per $1,000 Payments Apply
Home Equity Line of Credit - Loan amount up to $100,000.
25 Year - HELOC - RI   3.250% 3.250% $2.71 Show Payments and Rates
Home Equity Line of Credit - Loan amount $100,001. to $250,000.
20 Year - HELOC - RI   3.250% 3.250% $5.67 Show Payments and Rates
Single family dwelling 75% max LTV; Condos 50% max TLTV.  Annual Maintenance Fee $25; fee waived if disbursed balance on Line Anniversary is over $10,000.  If the line is closed within the first two years, a  $500. termination fee will be charged. Maximum APR 18%, Minimum APR 3.25%.  Properties held in Trust will have approx. $176. additional closing costs.  Property insurance is required.  Also a FoxFed Checking acct. and an automatic loan payment are required.