101 home projects.
1 line of credit.
We make it easy with our Positively Different Home Equity Line of Credit.
If you’re dreaming of ideal landscaping, a spacious patio or even an in-law suite, now is the perfect time to lock in the best rate for all your home improvement plans. We make it easy to get the most our of your home with our home equity line of credit.
Because our lending decisions are made on the Cape, you’re assured of a fast response. Plus, our experienced loan officers will match you with the right product and terms.
Introductory rate for
the first 12 months
(Min. $25,000 draw)
Prime – 0.50% APR**
for the remaining term
(currently Prime – 0.50% would be 4.50%)
The benefits of a HELOC:
-Easy access to funds as you need them.
-Pay interest on only what you use.
-You’re able to access the HELOC funds again once they’ve been paid back, similar to a credit card.
-Interest may be tax deductible1
Let’s talk about how The Coop team can help you make your next dream come true.
1Consult with your tax advisor.
*In order to qualify for the introductory rate during the first 12 months, you must have a minimum initial draw amount of $25,000 at closing and monthly periodic payments must be deducted automatically from a Cooperative Bank of Cape Cod checking account. If both of these qualifications are not met at closing, borrower’s rate is subject to increase to Prime. Ten (10)-year draw period (Principle & Interest or Interest Only depending on product selected) followed by a repayment term of twenty (20)-year (fully amortizing). Minimum line amount is $25,000. Maximum line with Principle & Interest payment amount is $453,100 (1 Unit/Second Home/Condo). Loan to value not to exceed 85% with a valid appraisal. Min FICO score of 660 (680 for Condo) is required. Maximum line with Interest Only payment amount is $300,000 (1 Unit/Second Home/Condo). Loan to value not to exceed 85% with a valid appraisal. Min FICO score of 700 (720 for Condo) is required. Borrower(s) initial APR is subject to change based on a risk based pricing model when assessing FICO and loan to value prior to loan closing. Owner occupied or Secondary Residence only; no investment properties. Property insurance is required, and flood insurance, if necessary. The combined amount of all third party fees generally ranges from $60-$1000. Full appraisal required for properties pledged as collateral that were acquired through foreclosure, short sale, gift of equity or other similar type transactions. Trust review fees of up to $500 for properties held in trust. $500 penalty for early termination during first 12 months; $350 penalty for early termination during months 13-36. Annual fee of $50 regardless of HELOC balance. Consult a tax advisor regarding the tax deductibility of interest. **After the 12-month introductory rate of 2.50% APR, the rate will be Prime – 0.50%, currently 4.50% APR. If auto pay is cancelled any time after closing, the rate will be the Prime Rate, currently 5.00% APR. Excluding the 12-month introductory rate, the Annual Percentage Rate (APR) for this Home Equity Line of Credit (HELOC) is Prime minus 0.50%, and is a variable rate loan based on the highest domestic Prime Rate published in The Wall Street Journal with a FICO score of 700 and Combined Loan to Value of 80%. The Prime Rate as of 10/7/2019 is 5.00%. The maximum possible APR is 18%. Floor Rate is 4.00%. Other restrictions may apply, other products available. New lines only. Call 508.568.3400 for current rates. This flyer is for informational purposes and subject to change at any time. This offer is subject to change at any time without notice. Offer expires 12/31/2019 unless earlier terminated at Lender’s sole option.