Home Equity Credit Rates

Home Equity Lines of Credit

  • Our Home Equity Lines of Credit have a 35 year draw period followed by a 15 year repayment period.
  • A low, introductory fixed rate of 3.49% Annual Percentage Rate (APR) for first 12 months.
  • After 12 months, a variable rate as low as Prime minus .51% APR.

Rates effective October 1, 2019

LINE
AMOUNT
INDEX MARGIN ANNUAL
PERCENTAGE
RATE (APR)
$25,000 to
$749,999
WSJ
Prime
-0.51% 4.49%
$750,000 to
$1,499,999
WSJ
Prime
-0.26%  4.74%

Download rates.

Apply Online Now

Or visit your nearest First Ipswich Bank Branch. For more information, call 888-667-3697.

 

Fixed-Rate Home Equity Loans

  • Terms: 5 and 10 years.
  • Minimum Loan Amount: $15,000.

Rates effective October 1, 2019

  BORROWED
AMOUNT
ANNUAL
PERCENTAGE
RATE (APR)
TERM IN
MONTHS
PAYMENT
PER
$1,000
5-Year
Fixed
$50,000
and over
4.54% 60 $18.66
5-Year
Fixed
$15,000 to
$49,999
4.54% 60 $18.66
10-Year
Fixed
$50,000
and over
5.54% 120 $10.87
10-Year
Fixed
$15,000 to
$49,999
5.54% 120 $10.87

Download Rates.

Apply Online Now

Or visit your nearest First Ipswich Bank Branch. For more information, call 888-667-3697.

 

Disclosures for Home Equity Loans and Lines of Credit

Rates shown are for 1-4 family, owner occupied residences located in our lending market within MA. Maximum loan-to-value (LTV) of 80% of appraised value. Property insurance required. Accounts subject to individual approval.No closing costs except for cooperatives and properties held in a trust. Speak to a bank representative for information about investment property rates and terms. Other terms, conditions, rates and restrictions may apply.

Offers subject to change without notice. See a personal banker for details.

Home Equity Line of Credit

Our Home Equity Lines of Credit have a 35 year draw period followed by a 15 year repayment period for owner occupied properties. No closing costs except for cooperatives and properties held in a trust. $40 Annual Fee is waived for the first year. Early termination fee of $250 applies if Line terminates within 12 months of closing. The Annual Percentage Rate (APR) of 3.49% is an introductory rate that will be in effect for the first twelve billing cycles following closing. After the initial 12 month period, the APR varies daily and will be based on the Prime Rate as listed in the Wall Street Journal (Prime) minus a margin and will also depend on the amount of the home equity line of credit that we approve. However, upon expiration of the promotional rate, the APR will not be less than 3.00% APR or more than 18% APR. As of 10/1/19 the Prime Rate is 5.00%. Minimum Line of Credit is $25,000. For home equity lines of credit of $25,000 to $749,999, the APR will be Prime minus .51%, currently 4.49% APR. For lines of $750,000 to $1,499,999, the ongoing APR will be Prime minus .26%, currently 4.74% APR. APRs after the initial 12 month introductory rate period reflect a .25% auto-pay discount from a First Ipswich Bank checking account. Other rates, terms, conditions and restrictions apply. Offer subject to change without notice. Credit approval required. Speak with a banker for investment property rates and terms.

Fixed-Rate Home Equity Loan

If your loan is a first lien loan, the payment examples do not include taxes or insurance and therefore your payments may be greater. Early termination fee of $250 or 2% of the Loan's outstanding balance, whichever is less, applies if Loan terminates within 12 months of closing.

First Ipswich Bank NMLS ID #797018.