Home Equity

* 12-month introductory rate of 6.49% Annual Percentage Rate (APR) effective 5/15/2023. After 12 months from closing the APR becomes variable based on the Wall Street Journal Prime Rate for the life of the loan, currently 8.25% APR. Floor Rate is 3.24%. Maximum APR is 18.00%. Introductory rate requires automatic payment made from a StonehamBank checking account. Maximum combined loan to value amount cannot exceed 80% of the home’s current appraised value less any existing mortgage liens (70% for 2-4 unit properties). Home equity line of credit annual fee of $50 applies. Offer is only valid on owner-occupied, 1-4 family residential properties and single unit second homes. Homeowners insurance is required; flood insurance may be required. If the Home Equity Line of Credit is closed within the first three years you will be charged a cost recovery fee of up to $495. For first position liens, you may be charged closing costs that range from $0 to $2,500 and an additional origination fee of 1% may be applicable to loans used for temporary or bridge financing. For second position liens StonehamBank will waive all closing costs with the following exclusions: 1) If full appraisal is required due to loan amount over $250,000 or CLTV over 70%; 2) Trust review fee if the property is in a trust; 3) If a Bridge Loan borrower pays all closing costs and 1 point. Payments will not include taxes and insurance; these will be the responsibility of the borrower. Subject to credit approval. Conditional credit decision in two business days contingent upon receipt of all necessary documentation from borrower at time of application.