Special Introductory Rate on a Home Equity Line of Credit
For a limited time, get a discounted rate for the first two years of your Home Equity Line of Credit.
Whether you're consolidating debt, beginning a home improvement project, financing a major expense, or planning a dream vacation, a Home Equity Line of Credit from BankFive can help. And with our special offer, your HELOC starts with a .50% discount during the first 24 months. As of 4/19/2024, the variable introductory rate would be 8.000% APR*. Use the equity in your Massachusetts or Rhode Island home to get the funds you need to turn your dreams into realities.
What's a Home Equity Line of Credit?
Also known as a HELOC, a Home Equity Line of Credit is secured by your home and offers you a revolving credit line to use for large expenses or to consolidate debt at a lower-interest rate. The amount of credit available to you is based on your home's market value, and current equity you have in your home.
How to get started:
Apply online or visit one of our branches to apply in-person.
Additional lending solutions:
We also offer Home Equity Loans with fixed interest rates and Home Energy Loans to help you make energy-efficient heating and cooling improvements.
Contact us today to explore the lending options BankFive can provide to you and your family.
*Annual Percentage Rate (APR) accurate as of 4/19/2024. APR During the Introductory Period: For the first 24 months, the APR is Wall Street Journal "WSJ" Prime Rate minus .50%. During this time the APR is variable and subject to change each month based on the WSJ Prime Rate on the last business day of each month. This begins with the 1st billing cycle. As of 4/19/2024 the APR in effect would be 8.000% based on Wall Street Journal Prime Rate of 8.500%. To qualify for the discounted rate, you are required to authorize and maintain automatic loan payments from a BankFive checking account. If the checking account is closed or the automatic loan payment is canceled during the initial 24 months, the .50% discount will be eliminated. Other loan programs for this type of credit are offered by BankFive that do not include automatic repayment features. APR After the Introductory Period: After 24 months the .50% discount will end and the rate will be WSJ Prime Rate +0%. APR is variable and subject to change each month based on the WSJ Prime Rate on the last business day of each month. This will begin on the 25th billing cycle.
During the life of the loan the APR will never exceed 18.00% and can never go below 3.50%. Minimum monthly payment will be based on monthly interest due for the 10-year draw period followed by monthly interest due plus 1/120th of the principal for the remaining term of 10 years. Available on 1-6 family owner-occupied homes and condominiums only. Minimum loan amount is $10,000. The line is subject to an early termination fee if paid in full and closed or refinanced with another institution within 24 months. These fees can range from $500-$1,500. Subject to credit approval. Property insurance required. Flood insurance may be required. Additional fees for condos, life estates, and properties held in a trust. With loan amounts up to $500,000 on primary residences and $250,000 on second homes, you may borrow up to 80% of the available equity you have in your home. Refinances of an existing BankFive HELOC requires $10,000 new money. Offer subject to change and may be terminated at any time. Minimum FICO score is 680 and maximum debt to income ratio is 43%.
BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender
