Our 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.

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 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.

Rates & Terms

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If you choose to have monthly payments automatically withdrawn from a Cambridgeport Bank checking account, you may be eligible for a reduced interest rate.

Conversion Option

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.

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.

General Information:

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 over $250,000.

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 for condominiums).

What 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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