Home Equity Line of Credit is very flexible and easy to use. You borrow
money, up to your available credit,by writing a special Home Equity
check for at least $500. You only pay interest on the part of the credit
line you actually use.
much can I borrow?
Depending on the
equity in your home, your income, other debts and credit history, you
may be eligible for a credit line from $10,000 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.
Credit lines over $250,000 are considered on a case-by-case basis. See
General Information below.
The interest rate
varies monthly based on the Wall Street Journal Prime Rate. For
current rates, terms, promotions, or to apply over the phone, please
call our Loan Specialists at 1-800-731-4900.
If you choose to
have monthly payments automatically withdrawn from a Cambridgeport Bank
checking account, you may be eligible for a reduced interest rate.
With a Cambridgeport
Home Equity Line of Credit, you may be eligible to convert all or part
of your outstanding balance to a fixed rate at any time if your total
credit line, including the unused portion, is at least $25,000.
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.
Credit line 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 of credit
A full appraisal
is required if you want a credit line based on the market value of your
home or if your credit line request is over $250,000 (over $100,000
Happens Next ?
Once your credit
line 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
up a mutually convenient closing date. Your Home Equity checkbook will
be mailed three business days after the closing. If you prefer, you
can request to pick it up at the Bank. If you have any questions, please
contact us via E-mail or feel free to call
us toll free at (800) 731-4900.
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