"Prime-less"
Home Equity Line of Credit (HELOC)

 
 

Rates as of Thursday, May 10, 2012
Product Description Interest Rate Payment per $1,000 Apply
Prime-less HELOC
Introductory Fixed Rate for the first 6 Months/10 Year Draw Period 10 Year Repayment Period (20 Year Total)   2.490% $5.29

Interest Rate:
  • Introductory Fixed Rate For The First 6 Billing Cycles is 2.49% APR 
  • Variable Rate Thereafter with Auto-Pay 3.00% APR 
  • Variable Rate Thereafter without Auto-Pay 3.25% APR 
To qualify for the “Prime-less” HELOC you are required to:
  • Have an automatic withdrawal payment from a new or existing Chicopee Savings Bank Checking Account. New accounts must be opened prior to closing.  
  • Minimum Draw at Closing: $10,000- Minimum Line of Credit: $25,000- Maximum Line of Credit: $200,000.  
  • Maximum Loan -To-Value: 80% Single Family, Condo’s, and Vacation Homes. 70% 2-4 Family Owner Occupied Units. 
The 10 year draw period is interest only and the remaining 10 year repayment period will be the principal balance remaining at the end of the draw period amortized over the 10 year term, plus interest.

The interest rate is equal to the “Wall Street Journal Prime Rate Index” Published monthly in the “Money” section of the “Wall Street Journal “on the first day of each month. The current “Prime Rate” is 3.25% and can change monthly after remaining fixed for 1 day. An increase in the interest rate will result in a higher monthly payment.

This program description is not an offer to extend credit. the extention of credit is dependent upon your credit history, loan-to-value, and other factors.

The interest rate is equal to the “Wall Street Journal Prime Rate Index” Published monthly in the “Money” section of the “Wall Street Journal “on the first day of each month. The current “Prime Rate” is 3.25% and can change monthly after remaining fixed for 1 day. An increase in the interest rate will result in a higher monthly payment.

  • The interest rate is equal to the Wall Street Prime Rate index. The current Wall Street Prime Rate effective as of 12/17/2008 is 3.25% APR. The interest rate may increase or decrease based on the changes of the Wall Street Prime Rate as published in the Wall Street Journal on the first day of each month. The maximum rate for this product is 18% APR. An increase in the interest rate will result in a higher monthly payment.
  • Homeowners insurance will be required on the property securing the obligation.
  • Home Equity Lines of Credit closed within 24 months will be subject to a $400 Retirement Fee.

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