Borrowing from the equity in your home is a great way to pay off high-interest debt, make home improvements, pay tuition, or provide a source of funds for unforeseen or emergency expenses.
Featuring low interest rates, little or no closing costs, and potential tax advantages, a Home Equity Line of Credit or a Home Equity Loan are both great options for homeowners. Which option works best for you?
Home Equity Borrowing Options
Accessed as needed, a Home Equity Line of Credit provides a 10-year window to draw funds for use as needed, followed by a 15-year repayment period. During the 10-year draw period, borrowers are required to make interest only payments, which is helpful for cash flow and budgeting.
- Flexibility to access line as needed
- Interest-only payments
- Potential tax advantages*
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*Consult a tax advisor to determine your situation
A Home Equity Loan is a fixed rate, fixed-term installment loan. Regular principal and interest payments are required each month. Home Equity Loans are a great way to refinance a higher interest first mortgage given the low rates and little or no closing costs.
- Fixed rate and fixed monthly payments ideal for budgeting
- Great option for refinancing a first mortgage
- Potential tax advantages*
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*Consult a tax advisor to determine your situation
*This Home Equity Line of Credit requires monthly payments to be automatically deducted from a Westfield Bank checking account. Account must be opened prior to closing. After the initial 3 month introductory period, the interest rate will be Prime rate as published in the Wall Street Journal, currently 3.50% as of 3/17/22, with an APR of 3.50%. After 3 months, the interest rate will be variable and may increase. The maximum APR is 18%. The minimum interest rate is 3.50% with an APR of 3.50%. Rates are for owner-occupied properties only. Maximum loan-to-value (LTV) is 80%. Processing fee of $99 will apply if line of credit is approved and closed. Borrower-paid appraisal required for loans equal to or greater than $400,000 or for loans less than $400,000 where the bank is unable to determine a value using the standard method. Appraisal costs are $515 for a single family property or $690 for a 2-4 family property. Other closing costs may vary based on the line of credit amount requested. Property insurance is required. Offer may be rescinded at any time.