It’s never been easier to finance major home improvements, pay college tuition or even consolidate debt.
*Annual Percentage Rate (APR) is a fixed rate for the life of the line of credit, and is accurate as of 8/1/2018. 5.49% APR requires automatic loan payments from a Melrose Bank checking account. The APR will be ½% higher for lines without automatic payment. $500 processing fee due when line is approved, prior to closing. Maximum line of credit amount cannot exceed 80% of the home's current tax assessed value, less the balance on any existing first mortgage lien. Maximum line amount is $250,000. This is a fixed rate revolving line of credit with a five (5)-year draw period during which advances are made and monthly payments of interest-only on the amount outstanding are due, followed by a ten (10)-year repayment period requiring monthly payments of principal and interest. During the repayment period, monthly payments will be equal to 1/120th of the principal balance outstanding at the end of the draw period plus interest on the balance outstanding. This offer is available for lines of credit which will be in second lien position to a valid, institutional first mortgage. This offer is valid only for owner-occupied 1-2 family homes and condominium units; primary residence only. Homeowners' insurance is required; flood insurance may be required. If the line of credit is paid off and closed within its first 36 months, you will be charged a prepayment/early termination fee of $995 plus a cost reimbursement fee equal to all upfront processing costs paid by the bank to third parties. Contact us for other terms. Rate is subject to change without notice.