Home Equity Rates
| Better Equity | Equity Reserve1 | |
|---|---|---|
| Introductory Rate | N/A | 5.99% APR* for the first 12 months. |
| Rate | 6.750% APR* currently Variable Rate based on Prime minus .50% APR | 6.250% APR* currently Variable Rate based on Prime minus 1.00% APR |
| Ideal if you want | The convenience of a home equity line with the ability to pay principal and interest payments on your line. | A home equity line that offers a low, introductory interest rate and a discounted rate thereafter to help you save more. |
| Maximum Loan To Value | Maximum LTV is 80% ** | Maximum LTV is 70% |
| How to Access | Accessible via check with a minimum check amount of $500. | |
| Min/Max APRs | Minimum APR of 4.500% Maximum APR 18.00% | |
| Fees | $50 annual fee (or $25 with autopay from a Stoughton Co-Operative Bank account). $500 early termination fee. | |
| Draw Period (Amount of time you can use the line) | 10 years | 10 years |
| Repayment Information | Interest plus .50% principal payments for initial 10-year draw period, with additional 10-year payback of principal & interest. | Interest-only payments for the initial 10-year draw period, with additional 10-year payback of principal & interest. |
** With a first mortgage held by Stoughton Co-Operative Bank.