North Shore Bank

Particle physics can be complicated

Apply for a home equity line at NSB

A home equity line with a ridiculously low rate? Not so much.

 

See what we mean, CLICK HERE

FreedomFlex Home Equity Lines

If you’re a homeowner, you can use the equity built up in your home to possibly secure the lowest-rate financing that North Shore Bank offers. And remember, with a Home Equity Lines of Credit, like our FreedomFlex Equity Line, the interest may be tax-deductible (make sure to check with your tax advisor).

FreedomFlex Equity Line of Credit

With a FreedomFlex Equity Line of Credit from North Shore Bank, you can use the equity in your home whenever you need it. Whether adding a room, buying a boat or financing a child’s education, our FreedomFlex Equity Line can provide you with flexibility and worry-free ease of usage. This unique product combines features of Home Equity Lines of Credit and Home Equity Loans, plus some extra features to better serve your changing financial needs. For instance you always have the option of converting a portion or the entire line of credit to a fixed rate.

The FreedomFlex Equity Line offers:

  • No closing fees or closing costs*
  • Loan amounts up to $500,000
  • A variable rate that floats with the Prime Rate as published by the Wall Street Journal
  • Tax deductible interest (consult your tax advisor regarding deductibility of interest)

Click here for FreedomFlex Equity Line rate and disclosure information.

For additional information about our FreedomFlex Equity Line of Credit, stop by any of our convenient locations or call (978) 573-1420 to speak with a Customer Service Representative.

Apply now for a FreedomFlex Home Equity Line of Credit!


* Annual Percentage Rate (APR) as of 4/26/2016 is 1.50% fixed for the first 12 months of the line. Thereafter, the rate will adjust to the Prime Rate as published in the Wall St. Journal on the last business day of the month (currently at 3.50%) minus .50%. Maximum interest rate is 18.00%, with a floor of 3.00% after the first year. Requires an initial draw of $20,000 at closing. Automatic payments from a North Shore Bank checking account required. If auto pay is discontinued at any time, the rate will adjust to Prime. Property insurance is required and flood insurance may be required. $50 Annual Membership Fee (waived the first year if the borrower has an Advantage Checking account.). 1-4 family owner occupied properties and second homes only. Property must not be currently listed for sale. Minimum line amount is $25,000. Maximum line amount $500,000. Appraisals are required, but will be paid for by the Bank. Maximum 75% combined loan-to-value based on appraised value. Maximum debt-to-income ratio 43%. Early termination fee of $500 for equity line accounts closed within the first 36 months. Subject to credit approval. If property is held in a Trust, or there are outstanding discharges, borrowers will pay additional fees. If the line is in first lien position or in excess of $250,000 title insurance will be required to be paid by the borrower. Consult a tax advisor about deductibility of interest. NMLS Number. 466007.