Home Equity Line of Credit

Home Equity Line of Credit (HELOC)

Terms: Monthly Variable Rate: Lines from $25,000 - $1,000,000. $15,000 Minimum Initial Advance and $5,000 Minimum Subsequent Advances required. 

 Draw Period: 10 years; Interest-only payments. Repayment Period; 15 years; Payments will include unpaid advances, interest and accrued charges. Discharge of equity line mortgage within the first 24 months may result in payment of a fee.

PURPOSE: Short term loan allowing a borrower to access equity in a presently owned primary residence for funds needed to purchase a new primary residence, the purchase of which is being financed by WSB with the understanding that the borrower intends to sell the presently owned residence within twelve months of the loan closing (the “Closing”). After Maturity (12 months after Closing), credit advances stop. Full repayment of principal and interest (balloon payment) is due at Maturity or the earlier sale of the presently owned residence.

Terms: Variable based on Prime Rate; Interest only repayment prior to Maturity; Lines available from $25,000 - $1,000,000; Draw Period: 12 months; Balloon Payment at Maturity or earlier sale of the presently owned residence; one (1) point (1% of loan amount) payable at closing.

Variable Periodic Rate

The ANNUAL PERCENTAGE RATE ("APR") will be the Prime Rate as published in the Wall Street Journal on the last business day of each month, subject to a minimum APR of 7.00% and a maximum of 15.50%. The margin is 0%. The billing APR may vary monthly based on the Prime Rate. In the event more than one rate is published as the "Prime Rate", we will use the highest rate published.

For All New BRIDGE/HELOC Applications

Prime Rate as of April 30, 2025: 7.50% Current APR: 7.24% Minimum APR 3.99% Maximum APR 15.50%

APPLICABLE TO ALL BRIDGE/HOME EQUITY LINE OF CREDIT

• Borrower must pay one point at Closing. One point=1% of loan amount.
• All Closing costs paid by the borrower. If appraisal needed, Borrower must pay cost prior to ordering appraisal.
• Loan must close no later than four (4) days prior to closing on the Winchester Savings Bank purchase money mortgage financing on borrower’s purchased property. The initial advance, which will be disbursed at closing on purchase of new residence, must include some or all of the fund's borrower needs to close on the purchase as determined by the attorney assigned by WSB to close the purchase money mortgage loan.
• Property Insurance on current residence is required in amount sufficient to cover the Bridge/Home Equity Line amount and any existing first mortgage lien.
• Maximum Loan to Value: 80% (including existing first mortgage on current residence, if any, and Bridge/Home Equity Line amount).
• No prepayment penalty.
• Subject to credit approval.
• Rate, APR and terms subject to change without notice.

*Closing Costs: Closing costs include but are not limited to credit report, tax service, VOE, recording costs, discharges and trust review/recording and/or appraisal fees, if applicable. Refer to Home Equity Important Terms disclosure for additional information. Flood insurance and other fees may be required.