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With
our Adjustable Rate Home Equity Loan, your interest rate and payments
will be adjusted at specified times based on the U.S. Treasury bill. The
initial interest rate on an Adjustable Rate Home Equity Loan is usually
lower than a Fixed Rate Home Equity
Loan.
How
much can I borrow?
Depending on the equity in your home, your income, other debts and credit history, you may be eligible for a loan from $1,000 to $250,000. We also have an option that allows you to borrow up to the full value of your home. Call our Loan Specialists at
1-800-731-4900 for details. Loans over $250,000 are considered on a case-by-case basis. See General Information below.
Rates
& Terms
When you select an Adjustable Rate Home Equity Loan, you can choose from our lower repayment options. A longer term can mean lower monthly payments. For current rates, promotions, or to apply over the phone, please call our Loan Specialists at 1-800-731-4900.
The rate is fixed for the first year and adjusts every three years thereafter.
If you choose to have monthly payments automatically withdrawn from a Cambridgeport Bank checking account, you may be eligible for a reduced interest rate.
What
do I need to apply?
You can apply in person at any of our branch locations, by mail or over the phone by calling 1-800-731-4900. To process your Home Equity application, we require the following information:
- Completed Application
- Real Estate Tax Bill - A copy of your most recent bill showing the assessed value of your property.
- Income Verification - Copies of your two most recent years' W-2's and copies of the latest pay stubs which show each borrower's name, employer and current year-to-date earnings. If you are self employed or have other sources of income, we will need copies of your Federal Income Tax returns for the past two years.
- Mortgage Verification - A copy of your most recent mortgage billing statement. It should verify the outstanding mortgage balance and the monthly principal, interest, and tax payment.
- Title Information - A copy of your Quit Claim Deed or, if your property is registered land, your Owner's Duplicate Certificate of Title.
Loan requests in excess of $250,000 are considered on a case-by-case basis. Title insurance, paid for by the borrower, will be required on lines or loans over $250,000.
A full appraisal is required if you want a loan based on the market value of your home or if your loan request is over $250,000 (over $100,000 for condominiums).
What
Happens Next?
Once your loan is approved, we order the legal work and a drive-by appraisal of your home. After this is completed which normally takes about two weeks from the time that you accept our offer, you will be contacted to set a mutually convenient closing date. Your Home Equity loan proceeds will be mailed three business days after the closing. You may request to pick it up at the Bank, if you prefer. If you have any questions, you may contact us via E-mail or feel free to call us toll free at (800) 731-4900.
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