HIGH 5 our Home Equity Line of Credit!

It’s never been easier to make home improvements, large purchases, and/or consolidate debt. See for yourself with our very competitive “High Five” home equity line of credit.

Home Equity Line of Credit (HELOC) – Variable Rate – “HIGH FIVE”

To qualify for advertised rate, automatic payments from a Bay State Savings Bank checking account are required. If these qualifications are not met, margin will change to 0.25%, thus, the rate would be Prime Rate (published in the Wall Street Journal), minus the margin of 0.25%
Variable rate of Wall Street Journal Prime Rate minus 0.55% for the life of the loan (6.95% APR current as of Saturday, Dec 21, 2024)
20 Year Term (10 year draw with interest-only payments followed by 10 year repayment period)
$10,000 minimum initial draw required ($25,000.00 minimum line amount, $350,000 maximum line amount)
Up to 80% loan-to-value (CLTV) ratio
Eligibility restricted to owner-occupied and second homes in MA or NH only
Property insurance required
Eligible for Bank paid closing costs excluding the cost of the appraisal if the subject property is a 2-4 family residence, excluding any discharge fees, condominium related fees, or trustee related fees as they may be applicable to your loan.
For more information, please see Option 1 in our Important Terms Disclosure

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Offer is subject to eligibility, collateral, underwriting and approval, including credit approval. The total term of each line is 20 years. You can obtain advances of credit for the first 10 years (the “Draw Period”). During the Draw Period, payments will be made monthly, and your minimum monthly payment will be equal to all accrued interest as of the closing date of the billing cycle, plus any amounts past due. Please note that your minimum monthly payment will not reduce the amount of principal outstanding on this line of credit. After the Draw Period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over the remaining 10 years of the term (the “Repayment Period”). During the Repayment Period, payments will be due monthly. Your minimum monthly payment will equal 1/120th of the principal balance that was outstanding at the end of the Draw Period plus any finance charges that have accrued on the remaining balance using the average daily balance method, providing the principal payment is no less than $75.00, plus any amounts past due. Variable rate of Wall Street Journal Prime Rate minus 0.55% for the life of the loan. $10,000 minimum initial draw required ($25,000.00 minimum line amount, $350,000 maximum line amount.) Up to 80% loan-to-value (CLTV) ratio. Eligibility is restricted to owner-occupied and second homes in MA or NH only. Property insurance is required. Bay State Savings Bank will pay the closing costs, however, you will be responsible for paying the following fees if they are assessed in connection with your loan: the fee for an appraisal if the subject property is a 2-4 family residence, discharge related fees, trust-related fees, condominium related fees, and any other fees generally necessary to perfect title.