Hingham Institution for Savings offers Home Equity Lines of Credit (HELOCs) to customers that have their first mortgage with us, or, to those with no other mortgage on their property. 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.
Over the years, customers turn to Hingham for:
Competitive Rates: We offer HELOCs as low as prime + 0.00%.
Your Loan Stays with Us: As a portfolio lender, 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.
A summary of our HELOC program terms can be found below.
The HELOC has a 20 year term, with a 10 year draw period and a 10 year repayment period. Interest only payments during the first 10 years.
It is a variable rate based off of the Wall Street Journal Prime Rate. The Bank offers HELOC rates as low as Prime +0.00%.
It is available for owner occupied or second homes.
There are no closing costs for most HELOCS $100,000 or less.
For HELOCS over $100,000 fees range between $3,300 and $5,300.
There is a $500.00 cancellation fee on no cost HELOCS if the HELOC is closed within the first 24 months.
Additional details regarding our HELOC programs can be found by reviewing our HELOC Program Disclosures.
If you have any questions or need further assistance with your line of credit, please do not hesitate to contact one of our Mortgage Officers.
If you’re ready to apply now, visit our HELOC application below.