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

A rate as low as Prime – 1% with auto-deduct for Premium or Premium Plus Relationship customers (minimum 4.00% APR applies).*

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

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**

 Fixed monthly payments of principal and interest for the entire term
Access to Funds Check writing for easy access to funds Receive a lump sum upon loan closing

Disclosures

* For credit qualified applicants. Borrower pays the appraisal fee of approximately $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 property held in trust or line of credit is greater than $500,000 legal fees ($425–$815) and recording fees ($175–$325) apply. For lines of credit or loans $1,000,000 or greater title insurance is required ($2.75 per $1,000 of mortgage amount). Full 50 year title certification fee required for lines of credit or loans from $500,001 -$999,999 ($150–$300). 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. $500 fee for early termination for line of credit applies. Relationship rate is available to borrowers who maintain a Cambridge Trust Company Premium or Premium Plus Relationship account, with auto-debit of the monthly payment from a Cambridge Trust Company deposit account. Minimum APR of 4.00% for Relationship or 4.50% for non-Relationship customers applies to Line of Credit only. Property insurance is required.

** Conversion fee is $50.00 A minimum conversion amount of $10,000 will apply.

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