Fixed Rate Home Equity Loan offers you a fixed rate over the life of
the loan, which means your payments remain the same. It's perfect if
you have a one-time need for money.
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
For current rates,
promotions, or to apply over the phone, please call our Loan Specialists
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have monthly payments automatically withdrawn from a Cambridgeport Bank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).
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 up your
loan proceeds 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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