Home Equity Line of Credit
*Annual Percentage Rate.
Leader Bank’s Premier Home Equity Line of Credit (HELOC) Program
The Leader Bank Premier Home Equity Line of Credit Program allows borrowers who require standalone and second mortgage financing to obtain an outstanding 6 month fixed APR* of 5.99% then Prime for the life of the loan. By combining a traditional first mortgage with a Leader Bank second mortgage, borrowers may potentially avoid higher-cost non-conforming financing options.
5.99% APR* fixed for the first 6 months then
PRIME** (7.50% APR*) for the life of the loan
Requires Auto-pay from a Leader Bank Checking Account to Qualify for Lower Rate
What is a home equity line of credit?
A home equity line of credit lets homeowners borrow money against the equity in their home. They are often used for home improvements or to consolidate high-interest rate debt. Borrowers who require standalone and second mortgage financing may obtain a fixed Annual Percentage Rate for the initial term of the loan, followed by a rate based on the current Prime index for the life of the loan. By combining a traditional first mortgage with this second mortgage program, borrowers may potentially avoid higher-cost non-conforming financing options as well as private mortgage insurance, all while giving them access to funds for their current needs.
While most often used for home improvements or to consolidate high-interest rate debt, a Home Equity Line of Credit can be used for so much more. We’ve put together a blog post outlining 5 ways to use a Home Equity Line of Credit to help you accomplish your homeownership and financial goals.
*Annual Percentage Rate (APR) will not increase during the first six months; following expiration of initial term, rate will adjust on a monthly basis to the current Prime Rate as published by the Wall Street Journal, subject to a floor APR of 5.00% and a maximum APR of 18.00%. Because the Prime Rate may change over time, the Fully Indexed Rate and APR may also change during the referenced term. Please note that if the indexed interest rate increases, Fully Indexed Rate and APR will also increase. Quoted Prime Rate of 7.50% current as of 12/16/2022 and subject to change without notice. Minimum loan amount $25,000 and maximum loan amount $400,000. 80% Max CLTV for purchase, rate term refinances or cash-out refinances. Monthly payments during initial ten year draw period will be interest only; payments will adjust to require fully amortizing principal payments in addition to accrued interest during the subsequent 15 year repayment period (total term of line is 25 years). Rate quoted are available for primary residences in Massachusetts only; properties in NH, CT, ME, RI and VT eligible with $300,000.00 maximum line amount. Third party fees to be paid by borrower may range between $0.00 and $1,100.00. If in a Trust a $300 Trust Review Fee applies. $500 early termination fee if less than 2 Years. $450 processing fee will be assessed against your line of credit if you fail to maintain for three months a daily balance of the lesser of (a) your maximum line amount or (b) $30,000.00, and your amount of available credit will be reduced accordingly. Rate quoted requires sign up for automatic payments from a Leader Bank checking account; otherwise the initial introductory rate, APRs, margin and floor rate quoted above will be 0.25% higher. Homeowners insurance and full appraisal required. Credit approval required; other restrictions may apply. Contact a Leader Bank representative for complete details.