FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Home Equity Line of Credit Interest Rates
Home Equity Line of Credit1
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| Closing Costs | Appraisal and title fees waived for new lines up to $250,000 on single-family residences (5 acres or less), condos, and owner-occupied duplexes. If an appraisal is required, costs range from $500 - $1,300 based on property details. | ||||||||||||
| Annual Fee | $60, waived the first year. After the first year, the annual fee is waived with a $10,000 average line balance or conversion loan balance with auto pay from a North Shore Bank checking account. | ||||||||||||
| Fixed Rate Loan Conversion Option2 | 1- to 5-year fixed rates with maximum amortization terms up to 20 years for second lien HELOC using the mortgage refinance conversion loan option. 3- or 5-year fixed rates with maximum amortization terms up to 30 years; or a fully amortized 10-year fixed rate for first lien HELOC using the mortgage refinance conversion loan option. $50 fee per conversion loan, waived on first conversion loan request. | ||||||||||||
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1) The HELOC is a variable rate loan. Rates are subject to change daily. Closing costs are waived for new lines up to $250,000 on single family residences (5 acres or less), condos and owner-occupied duplexes. Your HELOC rate may vary based on: the amount of your credit limit, and whether your monthly HELOC payments are automatically debited from a North Shore Bank checking account. Paying the minimum interest only monthly payments will not repay the principal that is outstanding on your line; you will be required to pay the entire outstanding balance in a single payment (balloon payment) at the end of the initial loan term, at the end of any extensions or renewals granted, or when you terminate the line. The maximum rate (ceiling) is 19.90% APR (annual percentage rate) and the minimum rate (floor) is 4.00% APR. Property insurance is required; flood and/or title insurance required if applicable on property. Product available on qualified owner-occupied properties in North Shore Bank’s lending area. Subject to credit qualifications, current property value and loan approval. If HELOC is closed within 36 months of origination, there is a prepayment fee of $350 ($200 for HELOCs less than $17,500). Consult a tax advisor regarding interest tax deductibility.
For a new HELOC, the maximum Loan-to-Value (LTV) is 80% up to $400,000 in total liens in first or second position. For loan amounts over $400,000, the maximum LTV is dependent on lien position. Contact a lender for details.
2) Conversion loans are only available through your HELOC Loan Conversion Option. Fixed rates can be locked at the time of scheduling your line of credit loan closing. Rates and terms vary based on your HELOC LTV and whether the HELOC is a first or second lien. Maximum of three conversion loans active at one time. Selecting an amortization schedule longer than your conversion loan term will result in a balloon payment of the entire outstanding conversion loan balance due in full at the end of your selected conversion loan term.
