Personal Banking > Home Equity

Home Equity

Put the equity in your home to work for you. A home equity line or loan is a great way to turn the equity you've built up into a source of ready cash for home improvements, college tuition, or any major purchase. Whether you want the flexibility of a variable-rate home equity line of credit or the predictability of a fixed-rate home equity loan, we can help you choose the financing option that's right for you. Or consult our home equity comparison chart below.

You can apply for a home equity loan or line of credit online or contact us for
more information.

 

 

Loan Type Home Equity Line of Credit Home Equity Loan
How this account works A variable-rate line of credit with the option to convert new or existing balances to a fixed-rate, fixed-term advance Receive the entire amount upfront with fixed payments and a fixed rate. No ongoing ability to draw additional funds.
Uses for your Equity

Convenient access to a reusable source of cash when you need it

Flexible use of available credit for multiple purposes or unexpected expenses

Borrow a specific amount for a one-time purchase or expense

Consolidate high-interest debt or pay for a specific purchase

Interest Rate

Low, variable rate tied to the Prime Rate

Rate as low as Prime minus ½%, currently 2.75% APR.1, 2

Flexibility to convert part or all of a balance to a fixed-rate and fixed-term loan advance 3

Competitive, fixed rate for the life of the loan

¼% rate discount with auto-deduct for Premium or Premium Plus Relationship customers

Terms Draw period followed by repayment period Choice of flexible payment terms to meet your needs and budget
Payments

Interest-only payments during draw period

Principal and interest payments during repayment period

Flexibility to convert part or all of a balance to a fixed-rate loan advance 3

Fixed monthly payments of principal and interest for the entire term
Access to Funds

Easy access to funds through your online banking account or by writing checks

Receive a lump sum upon loan closing

 

Disclosures

Rates may change without prior notice Subject to Credit Approval

 

Home Equity rates available for 1- 4 family owner-occupied and vacation properties only.


For repayment of a 15-year Home Equity Loan at 4.25% APR the monthly payment would be $7.52 monthly per thousand.

 

1 Rates as low as 2.75% Variable APR based on the Wall Street Journal "Prime Rate" ("Prime") published on the first day of the billing cycle when a change has occurred (as of April 1, 2014) with no minimum Annual Percentage Rate (APR). Rate as low as Prime minus ½% with an auto-deduct from a Cambridge Trust account for Premium or Premium Plus Relationship customers. Otherwise, Prime minus ¼% with an auto-deduct from a Cambridge Trust account, OR Prime plus 0.00% for non-customers.

 

2 Borrower pays the appraisal fee ($225–$575) for a home equity line of credit or a home equity loan in excess of $100,000 or in excess of 50% of the property’s tax assessed value. If title to be held in trust or home equity line of credit or home equity loan is greater than $500,000 legal fees ($500–$815) and recording fees ($250–$325) apply. For home equity lines of credit or home equity loans $1,000,000 or greater title insurance is required ($2.75 per $1000 of mortgage amount). Consult your tax advisor about tax deductibility. The home equity line of credit interest rate is variable and subject to change monthly. The Maximum Annual Percentage Rate (APR) of interest is 18%. The APR is based on the value of an index. The index is the Wall Street Journal Prime Interest Rate. An early termination fee of $500 will be charged if you close your home equity line of credit within two years from the date of your Home Equity Line of Credit Agreement and Disclosure Statement. Property insurance is required. Flood insurance is required if property is in a flood zone.

 

3 Fixed Rate Advance Conversion Fee is $50. A minimum conversion amount of $10,000 will apply. You may have up to three (3) Fixed Rate Advances outstanding at one time and up to eight (8) in total over the ten (10) year draw period, subject to your credit limit. Other stipulations may apply.

 

Cambridge Trust Company's lending area includes Middlesex, Suffolk, Norfolk, Essex, Plymouth, Barnstable, Dukes, Nantucket, and Worcester counties.

 

Home Equity Line of Credit

Get a rate as low as 2.75% APR* with our flexible Home Equity Line of Credit.
Learn More