This rate is based on customer signing up for automatic payments from their Coastal Heritage Bank account. Without it the APR would be 7.75%.Up to five loans within one line of credit.
The Coastal Plus Home Equity Line Difference
Unlike most, Coastal Heritage Bank offers a Home Equity Line that doesn’t require you to choose between a revolving line of credit and a fixed rate loan when you apply. It’s called Coastal Plus Home Equity.
You can borrow on your revolving line of credit and then, if you choose, can ask to convert a portion (or all) of the amount you’ve borrowed into a fixed-rate installment loan. You can have up to 5 fixed-rate installment loans outstanding at one time, without having to go through another application process. The amount available on your credit line will be reduced by the total balance(s) of your installment loan(s). As you pay down the balance of the installment loans, the amount available to borrow on your credit line will be replenished.
Important Terms For Your Home Equity Line of Credit
Good to Know Before You Apply for a Loan – Understanding Trigger Leads
What is a Trigger Lead? And How to Opt Out.
Have you observed a spike in phone calls from lenders or insurance companies after recently applying for a mortgage loan or car loan? It can feel like an intrusion of privacy, particularly when you’re in the midst of the loan process. Unfortunately, certain entities, such as lenders, credit card companies, and insurance providers, acquire your data from third parties, turning you into what is referred to as a “trigger lead.” If you wish to avoid being bombarded with unwanted offers, follow the steps below to safeguard yourself going forward. Please be assured, at Coastal Heritage Bank we prioritize the protection of your information and NEVER sell your information to third parties.
What is a Trigger Lead?
Upon submitting a loan application, your lender retrieves your credit report, which subsequently acts as a “trigger” for other lenders and companies seeking new customers. These companies acquire these triggers from the major credit bureaus, such as Equifax, Experian, and TransUnion. Their objective is to promote their own offerings, entice you to choose their services over competitors and secure your business for themselves.
Can you opt out of trigger leads?
While triggers leads may be perceived as unethical by some and it is widely acknowledged that they can be annoying. Despite their intrusive nature, it is important to know they are legal and according to the Federal Trade Commission (FTC) and Consumer Finance Protection Bureau (CFPB), they are used to encourage competition among lenders and other companies. Although it is not possible to completely halt trigger leads, you can adopt a proactive approach and opt out before you start receiving unwelcomed communications.
To prevent the credit bureaus from selling your information as a trigger lead, visit OptOutPreScreen.com and register. The registration process typically takes around five days to complete and will only affect future lead requests, meaning you may still receive some solicitations.
For the elimination of unwanted phone calls, you can register your phone number(s) on the Do Not Call Registry. We recommend initiating this process at least one month before applying for a loan since it can take a few weeks to become effective.
It is important to note that these solicitors do not have access to Personally Identifiable Information (PII). The information they receive from the credit bureaus only indicates that there has been a recent credit inquiry, enabling them to compete for your business.
At Coastal Heritage Bank we value your privacy. We DO NOT SELL customer information to third parties. When you apply for a loan, we request private financial and personal information from you. We value the trust you have placed in us and maintain the utmost confidentiality and accuracy of that information. Our dedicated team at Coastal Heritage Bank is readily available to address any questions or concerns regarding this matter. We are committed to providing you with the guidance and support you need.
Interest Rates
The revolving line of credit has a variable rate of interest that can change monthly.
Each fixed-rate installment loan associated with the account has a fixed rate and fixed payment amount for the term of the installment loan. The rate is determined at the time of the conversion and depends on the term of the loan. Ask us about our current rates and terms.
Availability of Funds
The bank is prohibited by law from releasing loan proceeds for a period equal to three business days after the mortgage closing date, if the loan is to be secured by your principal dwelling (primary residence).
You may then easily and securely transfer funds from your Coastal Heritage Bank Home Equity Line of Credit to your Coastal Heritage Bank checking account or by visiting your local branch.
Monthly Statements & Payments
Each month you will receive a Coastal Plus Home Equity statement. If your payments are set up for Auto-Pay, they will be made automatically.
If you’ve converted some or all of your revolving balance into one or more fixed-rate installment loans, the monthly statement will also provide information about the installment loans. You will also receive a separate bill for each installment loan.
If you do NOT authorize automatic payments, simply use the bill from your monthly statement to make the payment due on your revolving line and the separate billing notices you receive for each fixed-rate installment loan.
| Product Description | APR | Apply |
| Coastal Plus Home Equity Line of Credit* 10 year draw interest only, 15 year principal and interest payments |
||
| Line of Credit – Based on Prime Rate | 7.75% | Apply |
Conversion to Fixed Rate Loan(s)
During the draw period, you can convert all or a portion of your revolving balance into a Fixed Rate Installment Loan. You can have up to five (5) installment loans open at any one time.
| Product Description | APR | Payment per $1,000 | Payments |
| Coastal Plus Home Equity Fixed Rate Options | |||
| 5 Year Fixed Rate Option | 6.25% | $19.45 | Show Payments |
| 10 Year Fixed Rate Option | 6.50% | $11.35 | Show Payments |
| 15 Year Fixed Rate Option | 6.75% | $8.85 | Show Payments |
| 20 Year Fixed Rate Option | 7.00% | $7.75 | Show Payments |
Questions
If you have any questions about our Coastal Plus Home Equity Line, contact our Consumer Loan Department for assistance at (781) 796-6038.
*The interest rate adjusts monthly based on the Wall Street Journal Prime Rate plus 0% for the life of the line (7.75% on 11/7/24) or Prime Rate minus .25 with auto-payment from a Coastal Heritage Bank account. Maximum annual percentage rate (APR) is 18%, minimum APR is 3.00%. Available for owner-occupied residences only (1-4 family property or condominium). Loan-to-value limits apply. Property insurance is required. Flood insurance may be required. Homes currently on the market or planned for sale within a year are not eligible. In some cases, a full appraisal is required and the borrower is required to pay $525.00 if the property value is under $1 Million and $700.00 if the property value is over $1 Million. Maximum HELOC is $250,000 ($100,000 if there is a 1st mortgage with a lender other than Coastal Heritage Bank). Early termination fee of $500 if the line is closed and discharged within two (2) years. Consult your tax advisor about deductibility of interest. Subject to credit application and approval. Offer, rates and program subject to change without notice. Please call for additional details and requirements. NMLS# 451459
ALL RATES, TERMS AND PROGRAMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.
Mass Save Heat Loan
The HEAT Loan Program provides consumers the opportunity to apply for a 0% Annual Percentage Rate loan to assist with the installation of qualified energy efficient improvements in their homes.
To qualify for the loan, the customer must own a one-to-four-family residence, obtain a Mass Save Home Energy Assessment, and install qualified energy efficiency measures recommended by a Mass Save representative. Additional qualifications and restrictions may apply. Customers should visit the Mass Save website, masssave.com, for program details and requirements.
No collateral required.
Subject to credit approval.
Heat Loan Terms & Payments – Maximum DTI Ratio of 40%
| Owner Occupied Residential 1-4 Units | |
| Standard loan | |
| TERMS | Payment per $1,000 |
|---|---|
| – $2,001 to $5,000 – Maximum term of 48 Months | $20.84 (48 Months) |
| – $5,001 to $15,000 – Maximum term of 60 Months | $16.67 (60 Months) |
| Extended Loan | |
| – $15,001 to $25,000 – Maximum term of 84 Months | $11.90 (84 Months) |
| Non Owner Occupied 1-4 Family Units | |
| Standard loan | |
| – $5,000 to $15,000 – Maximum term of 60 Months | $16.67 (60 Months) |
| – $15,001 to $25,000 – Maximum term of 84 Months | $11.90 (84 Months) |
