Personal Banking >
Home Equity Loans and Lines of Credit
If you already own a home, you can use your home's equity to obtain a Mayflower Home Equity Loan or Line of Credit. With an equity loan or credit line, you can borrow funds at a lower rate than most consumer loans and the interest you pay may be tax deductible (consult your tax advisor for more information).
Our low-rate home equity loans and credit lines can be used for anything, from weddings to college tuition, home improvements to vacation homes. It is also a great way to consolidate your high interest credit card debt and other loans into one affordable monthly payment.
Option 1 - Fixed for 2 years
Option 2 - Fixed for 3 years
Option 3 - Prime -.50% for life |
5.75%**
6.00%**
|
| Application Fee |
$0 |
| Estimated Closing Costs |
$0 |
| Limits |
$30,000 - $100,000 80% Max. Loan to Value
$100,001 - $200,000 75% Max. Loan to Value
$30,000 - $50,000 90% Max. Loan to Value
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**After introductory rate period has ended, the rate will be
Prime -.50% for the remaining term.
Early termination fee of $400 applies if line is terminated before three years.
*Annual Percentage Rate may change on the 1st day of each month based on the Prime Rate as published by the Wall Street Journal on the last business day of the preceding month. Maximum APR 10.00% with a minimum "floor" rate of 5.00%.
Rates are subject to change at any time.
Homeowners insurance is required. |
| Max Loan to Value |
75% |
80% |
90% |
| Minimum Loan Amount |
$10,000 |
$10,000 |
$10,000 |
| Maximum Loan Amount |
$200,000 |
$100,000 |
$50,000 |
5-Yr Equity Loan APR
Payment Per Thousand |
5.95%
$19.31 |
5.95%
$19.31 |
9.00%
$20.76 |
10-Yr Equity Loan APR
Payment Per Thousand |
6.25%
$11.23 |
6.25%
$11.23 |
9.50%
$12.94 |
15-Yr Equity Loan APR
Payment Per Thousand |
6.45%
$8.68 |
6.45%
$8.68 |
10.00%
$10.75 |
| Estimated Closing Costs |
$0 for loans of $30,000 or more
$375 for loans under $30,000 |
Early termination fee may apply. Homeowners insurance is required.
Rates are subject to change at any time.
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Equal
Housing Lender