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
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
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have monthly payments automatically withdrawn from a Cambridgeport Bank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.
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:
- Real Estate
Tax Bill - A copy of your most recent bill showing the assessed
value of your property.
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.
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).
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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