Home Equity Loan | Machias Savings Bank

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Home Equity Loan

HELOC Promo

Your home told us you need a vacation! Apply and qualify for a Home Equity Line during March 15-October 31, 2017 and receive up to $250 off closing costs and be automatically entered into a chance to win a dream vacation, valued up to $5,000!**

Details for Home Equity Loan 

  • Fixed interest rate
  • Fixed monthly payment
  • One lump sum disbursement at loan closing 
  • Interest may be tax deductible*
  • Minimal closing costs
  • Minimal processing time
  • Automatic payments available
  • Variety of terms
  • No prepayment penalties

Apply Now

DETAILS FOR HOME EQUITY Line

  • Variable interest rate
  • Accessed by writing a home equity check
  • Advances may be used at the discretion of the borrower 
  • Interest may be tax deductible*
  • Automatic payments available
  • One time application credit can be paid off and reused without reapplying
  • Variety of payback options
  • Rates are generally lower than other loan options
  • No prepayment penalties 

Apply Now

*Consult your tax advisor for more information

**Member FDIC. NMLS#: 469539 Subject to credit approval. Limited time offer which could end without notice. An Annual Percentage Rate (APR) of Prime + 0% is available on Home Equity Lines of Credit with an 85% loan-to-value (LTV) or less. Higher rates may apply due to an increase in the Prime Rate, an LTV above 85% and/or a low credit score. The APR is variable and subject to change monthly based upon an index (Wall Street Journal Prime Rate) plus a margin. As of March 17, 2017, Prime Rate (the index) is 4.00% APR. The maximum rate is 17.50% APR. The Home Equity Line of Credit has an interest only payment during the 10 year draw period. Once the draw period ends, your monthly payment will increase, possibly substantially, because you will be required to pay the outstanding principal balance plus interest based on a 20 year amortization.

New money only and loan amount must be greater than $25,000.00. You will receive a credit at loan closing (up to $250) to offset closing costs. Property insurance is required and flood insurance will be required if the structure on the real property is located in a Special Flood Hazard Area. No purchase necessary. Drawing open to all legal residents except employees of the bank and their immediate relatives. Prize from drawing may carry tax consequences; please consult your CPA or tax professional for more information. Open a Home Equity Line of Credit or submit a HELOC Promo Sweepstakes form by 10/31/2017 to be entered into a drawing for a trip, valued up to $5,000.00.

OUR FOCUS

As a customer of Machias Savings Bank, the focus is on you. We will enhance your banking relationship by working with you to discover your banking needs. We will be there when you need us.

© Machias Savings Bank. All rights reserved.

Member FDIC. Equal Housing Lender logo Equal Housing Lender.
Routing Number: 211274531
NMLS Number: 469539

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