What can I use my home's equity for?
You can use your home's equity to make home improvements, pay for college, consolidate debt, or even go on vacation.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
There are three main differences between home equity loans and home equity lines of credit. The first difference is pricing: a line of credit typically has a variable interest rate while a loan might have a fixed or variable interest rate.

The second difference is access to funds: a line of credit allows ongoing access by over the counter withdrawal during a period of time. As you repay those funds they become available again for future use. With a loan, you get the money up front and have to pay it back over a specified period of time; you cannot access those funds again.

The third difference is payment terms: a line of credit has a variable payment that can be as low as interest-only during the draw period, and can include monthly principal and interest during the repayment period. A loan has fixed monthly payments, which can make budgeting easier.

What happens at the end of the draw period?
Any outstanding balance at the end of your draw period (including unpaid fees and interest) will be amortized into equal montly payments. You will not be able to access the line after the draw period has expired unless you reapply for a new home equity line of credit.

How much can I borrow against my home's value?
For qualifying customers, home equity lines of credit are available for up to 90% of your home's value. Pricing guidelines may vary based on loan-to-value (LTV) ratios, line amount and credit history.

Can I get a home equity loan or line of credit on a rental property?
No. Mayflower Bank does not extend home equity financing to investment property. Contact one of our commercial loan officers for information on how to obtain a line of credit on a rental property.

Do I need to get an appraisal of my home?
Yes. In most circumstances all that is necessary is a drive-by appraisal.

How long does the process take to obtain a home equity loan or line of credit?
The average time to obtain a home equity loan or line of credit is two weeks, but this timeframe can vary depending on how long it takes to receive all of the required paperwork. Funds are normally available to your account on the fourth business day after the date you sign your loan documents, due to a mandatory three-day recision period, when you have the right to cancel the transaction entirely.

Where will the closing be held?
We will close your loan at the Mayflower Bank office of your choice. Click here for a list of branches.