Discover the benefits of a Home Equity Loan (HELOAN) from BayCoast Bank. Whether you’re planning a major home renovation, consolidating debt, or funding a significant purchase, a HELOAN offers a smart and secure way to achieve your financial goals.
Why Choose a Home Equity Loan (HELOAN)?
- Fixed Rate for the Life of the Loan: Enjoy the stability and predictability of fixed monthly payments.
- No Prepayment Penalty: Pay off your loan early without additional fees.
- Autopay Discount: Save 0.25% with autopay from a BayCoast Bank checking account.
- Investment Property Eligibility: Available for investment properties with a combined loan-to-value (CLTV) of 60% or less (with a 1-point higher rate).
- Regional Availability: Eligible properties located in MA, RI, and CT.
How Does a Home Equity Loan Work?
A Home Equity Loan, often called a second mortgage, uses your home as collateral. The loan amount is based on the appraised value of your home minus the balance owed on your current mortgage. Unlike a Home Equity Line of Credit (HELOC), a Home Equity Loan (HELOAN) provides a lump sum amount at a fixed interest rate.
Apply Today and Start Your Financial Journey!
Unlock the equity in your home and take control of your financial future with a Home Equity Loan from BayCoast Bank. Apply now or contact us for more information!
Contact us for current interest rate information and full details. All loans are subject to credit approval, and other restrictions may apply. Program guidelines may change without notice. BayCoast Bank NMLS #403238.
