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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 Wednesday, November 26, 2014

Product DescriptionInterest RateAnnual Percentage RatePayment per $1,000PaymentsClosing CostsApply
Fixed Rate Equity Loan with Closing Costs - MA
Loan Amount $25,000. - $250,000.
10 years - Fixed Equity Loan - MA3.500%3.604%$9.89Show Payments and Rates$645.40
15 years - Fixed Equity Loan - MA3.750%3.822%$7.27Show Payments and Rates$645.40
20 years - Fixed Equity Loan - MA4.750%4.808%$6.46Show Payments and Rates$645.40
Closing Costs approximately $700. Owner occupied SF properties only. Maximum 80% 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 Wednesday, November 26, 2014

Product DescriptionInterest RateAnnual Percentage RatePayment per $1,000Closing CostsApply
Fixed Rate Equity Loan with Closing Costs - RI
Loan Amount $25,000. - $250,000.
10 years - Fixed Equity Loan - RI 3.500%3.604%$9.89$645.40
15 years - Fixed Equity Loan - RI 3.750%3.822%$7.27$645.40
20 years - Fixed Equity Loan - RI4.750%4.808%$6.46$645.40
Closing Costs approximately $700. Owner occupied SF properties only. Maximum 80% 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 Wednesday, November 26, 2014

Product DescriptionInterest RateAnnual Percentage RatePayment per $1,000PaymentsApply
Equity Loan Minimum Amount $50,000 with No closing Costs*
10 Year - Fixed Equity Loan - NC - MA 3.875%3.875%$10.07Show Payments and Rates
Equity Loan Minimum Amount $50,000 with No Closing Costs*
15 Year - Fixed Equity Loan - NC - MA 4.125%4.125%$7.46Show Payments and Rates
20 Year - Fixed Equity Loan - NC - MA 5.125%5.125%$6.67Show Payments and Rates
Requires automatic loan payment from a FoxFed Checking account. Single family owner occupied properties only. Maximum LTV 80%. Appraisal and/or recording fees may apply. Property held in Trust will have some closing costs approx. $176. Property insurance is required. Minimum loan amount $50,000. Maximum Loan amount $250,000. This loan is subject to a prepayment penalty.


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

Rates as of Wednesday, November 26, 2014

Product DescriptionInterest RateAnnual Percentage RatePayment per $1,000PaymentsApply
Equity Loan Minimum Amount $50,000. with No Closing Costs*
10 Year - Fixed Equity Loan - RI3.875%3.875%$5.99Show Payments and Rates
Equity Loan Minimum Amount $50,000. with No Closing Costs*
15 Year - Fixed Equity Loan - RI 4.125%4.125%$7.46Show Payments and Rates
20 Year - Fixed Equity Loan - RI 5.125%5.125%$6.67Show Payments and Rates
Requires automatic loan payment from a FoxFed Checking account. Single family owner occupied properties only. Maximum LTV 80%. Appraisal and/or recording fees may apply. Property held in Trust will have some closing costs approx. $176. Property insurance is required. Minimum loan amount $50,000. Maximum Loan amount $250,000. This loan is subject to a prepayment penalty.

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 .50% 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 Wednesday, November 26, 2014

Product DescriptionInterest RateAnnual Percentage RatePayment per $1,000Apply
Home Equity Line of Credit - Loan amounts $25,000 to $100,000.
25 Years - HELOC - MA2.750%2.750%$2.29
Home Equity Line of Credit - Loan amounts $100,001. to $250,000.
20 Years - HELOC - MA2.750%2.750%$2.29
Single family dwelling 80% 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. The rate is Prime minus a margin of .50%, a monthly variable based on the Prime Rate as quoted in the Wall Street Journal on the last business day of every month. APR may vary after consummation.  As of 10/30/13 the Prime Rate is 3.25% APR.  Maximum APR 12%, Minimum APR 2.75%.  Property insurance is required, flood insurance required if property is in a flood zone.  Also, a FoxFed Checking account and an automatic loan payment are required. Please contact us for further information if Line request will be a first lien, or if property is held in a Trust, or if LTV is over 75%, or if the combined blance of the exisitng 1st mortgage and new Line amounts to more than $250,000, or if payoffs are required in closing because fees will be charged in these situations.

 
Home Equity Line of Credit  - Rhode Island 

Rates as of Wednesday, November 26, 2014

Product DescriptionInterest RateAnnual Percentage RatePayment per $1,000PaymentsApply
Home Equity Line of Credit - Loan amount $25,000 to $100,000.
25 Year - HELOC - RI2.750%2.750%$2.29Show Payments and Rates
Home Equity Line of Credit - Loan amount $100,001. to $250,000.
20 Year - HELOC - RI2.750%2.750%$2.29Show Payments and Rates
Single family dwelling 80% 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. The rate is Prime minus a margin of .50%, a monthly variable based on the Prime Rate as quoted in the Wall Street Journal on the last business day of every month. APR may vary after consummation.  As of 10/30/13 the Prime Rate is 3.25% APR.  Maximum APR 12%, Minimum APR 2.75%.  Property insurance is required, flood insurance required if property is in a flood zone.  Also, a FoxFed Checking account and an automatic loan payment are required. Please contact us for further information if Line request will be a first lien, or if property is held in a Trust, or if LTV is over 75%, or if the combined blance of the exisitng 1st mortgage and new Line amounts to more than $250,000, or if payoffs are required in closing because fees will be charged in these situations.