Want to do some work on your house, or maybe pay down a high-interest balance on your credit card? You can with a Home Equity Line of Credit from Mascoma Bank.
- 2.99% introductory rate for 9 months, then WSJ Prime-.25% for the first 10 year draw period, then a 15 year repayment period at a fixed rate, based on the WSJ Prime Rate at that time. Prime Rate as of June 14, 2018 was 5.00%.
- Up to $500 closing costs credit
- Rates subject to change quarterly
- Minimum interest rate 3.99% after introductory period
- Max rate 18%
- $59 annual fee during the 10-year draw period.
*Annual Percentage Rate. Limited time offer subject to change or discontinuation. All applications subject to individual approval. This line of credit will be secured by an interest in your real estate. The introductory Annual Percentage Rate is a fixed rate of 2.99% for the first nine months. The post-promotional interest rate will not go below 3.99% or above 18%. Property Insurance is required. No prepayment penalty. Third party fees generally range between $0.00 and $1050.00. Annual fee $59.00 during the draw period. Loan has a 10-year draw period, then a 15 year period at a fixed rate based on prime at that time. variable rate during the 10-year draw period adjusts as follows: the contract rate will be The Wall Street Journal Prime Rate -.25%(as of June 14, 2018 prime rate was 5.00%). Based on a $10,000 loan: at an annual percentage rate of 4.75%. During the period, you would make 120 monthly payments of $37.50. Then you would make 180 monthly payments ranging from $78.69 to $77.78. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult your tax advisor.