Hingham Institution for Savings offers Home Equity Lines of Credit (HELOCs) to customers with no mortgage on their property or to customers whose only primary mortgage is through us. If another bank already has your primary mortgage we can not offer you a home equity line of credit at this time.
We are built to cater to those in need of traditional and creative solutions in Massachusetts.
Summary of the HELOC Program
Minimum: The minimum HELOC loan amount is $100,000.
Term: HELOCs have a 20-year term. Within that term, there is a 10-year draw period, during which you can withdraw funds from the line of credit, and a 10-year repayment period, during which you may no longer withdraw funds and must pay them back.
Payments: During the 10-year draw period, payments are interest only. During the 10-year repayment period, payments are both principal and interest.
Variable Rate: The interest rate for a HELOC is variable and is based off of the Wall Street Journal Prime Rate.
Property: The line of credit is available for both owner-occupied homes and second homes.
Closing Costs: Closing costs will vary based on the amount of the loan. In general, they range between $3,000 and $5,300.
Why Customers Choose Hingham Savings
Competitive Rates: We offer HELOC rates as low as Prime + 0.00%.
Portfolio Lending: As a portfolio lender, your loan stays with us, and we never sell loans to another bank.
Creative Financing Solutions: We have financing options not available at other banks. We also offer HELOC solutions for those with stated income, LLCs, and Trusts. Please speak to a loan officer for more information.
Simplified Process: We take the complexity out of lending and eliminate unnecessary paperwork.
Financial Strength: Through times of uncertainty, our conservative balance sheet and our financial strength have enabled us to continue lending and serving our customers.
For additional details regarding our HELOC program, please review our HELOC Program Disclosures.
If you have any questions or need further assistance with your line of credit, please contact one of our Mortgage Officers.
When you are ready to apply now, visit our HELOC application by clicking below.