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Home Equity Line of Credit

Cape Ann Savings Flex-Line!

With our Flex-Line, Home Equity Line of Credit, you can enjoy the flexibility of having funds available to meet your needs, along with some great flexible features! Take advantage of the ten year draw period, having the flexibility of using your available home equity line funds as needs arise. There is also an extended repayment term of fifteen years once the ten year draw time expires, giving you the flexibility of more time to pay the Home Equity Line of Credit off. Plus, you have the benefit of dealing with a community bank, with local decision making. Your lender and loan servicing team are just a phone call or visit away! 

6.99% APR* for the first 12 months
7.99% APR* variable thereafter

  • Home Renovation
  • Debt Consolidation
  • College Tuition
  • and more...

Flexible features are here for you!

  • Local lending, local decision making. We are here for you! NMLS# 480253

CONTACT A LENDER FOR DETAILSApply NowWhat you need to know about HELOCs

*Introductory Annual Percentage Rate (APR) of 6.99%, effective as of 05/01/2024 is fixed for the first 12 months. Variable APR for the remaining term of the loan. Rate will adjust to the Prime Rate as published in the Wall Street Journal as of the last working day of each month, minus .51%. Current APR based on index and margin is 7.99% (Prime minus .51) Prime Rate is 8.50% as of 05/01/2024. Maximum interest rate is 9.50%, floor interest rate is 3.00%. Initial draw of $5,000.00 required at closing. For loans up to $150,000.00, Bank pays Credit Report Fee and Flood Determination Fee. Bank will also pay Settlement and Recording Fee to maximum of $480.00. Borrower is responsible for any other fees (Appraisal, outstanding discharges, trustee certificate, death certificate, etc.) These fees range between $200.00 and $4,000.00. For loan amount GREATER than $150,000.00, Bank will also require Title Insurance and Plot Plan or survey affidavit at the borrower’s expense. 1-4 family owner occupied properties only. Minimum Loan amount $25,000.00. Not to exceed 80% LTV (Loan to Value) ratio including first mortgage. Hazard insurance, property taxes, and flood insurance, if required, are not included and may increase payment obligations. Subject to credit approval. Offer may be withdrawn at any time. Closeout fee of $500.00 if the line is closed within the first three years, unless refinanced with Cape Ann Savings Bank.


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