Our video banking app will soon be unavailable, but fret not! You can still effortlessly connect with our representatives for personalized assistance directly through video banking on our website. Additionally, please note that our chat feature on the website will be unavailable starting June 1 for an upgrade. Your convenience is our priority as we continue to enhance your banking journey. Stay tuned for more updates and thank you for your patience!
Rates starting as low as 6.75% APR* Introductory Rate up to 12 months. Prime Rate* thereafter, currently 8.50% APR*.
Home Equity Line of Credit Features*
Waived closing costs on 2nd position loans (restrictions may apply)1
Quick approval process
Finance up to 80% combined loan-to-value (CLTV) of the home's appraised value
Valid on owner-occupied, 1-4 family residential properties and single unit second homes
20-year term (10 year draw/10 year repayment)
Use available equity for home repairs or improvements, tuition payments, bill consolidation, and more
* 12-month introductory rate of 6.75% Annual Percentage Rate (APR) effective 06/12/2024. After 12 months from closing the APR becomes variable based on the Wall Street Journal Prime Rate for the life of the loan, currently 8.50% 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 $3,200 (note- fees may be higher for loan amounts exceeding $300,000.00) and an additional origination fee of 1% may be applicable to loans used for temporary or bridge financing.
1For 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% ($475 for single family or $675 for multifamily); 2) Trust review $150 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; 4) Loans with title issues may require title insurance ($2.50 per thousand) along with a $420 attorney fee. Subject to credit approval. Conditional credit decision in two business days contingent upon receipt of all necessary documentation from borrower at time of application.