Consumer Loans

This rate is based on customer signing up for automatic payments from their Coastal Heritage Bank account. Without it the APR would be 3.25%.

Up to five loans within one line of credit.

Now with an introductory rate of 2.99% APR!*

2.99% APR is an introductory rate valid for the first twelve (12) months of the loan. Thereafter the interest rate adjusts monthly based on the Wall Street Journal Prime Rate (3.25% on 4/30/2020).

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.

See our variable-rate program disclosure for more details.

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.

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.

Checks – 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 access your credit line simply by writing a check.  We will provide you with a set of 12 checks bearing your name(s) and address. Please keep a record of all checks you write against your Home Equity Credit Line. Your canceled checks will not be returned to you.

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.

Questions

If you have any questions about our Coastal Plus Home Equity Line, contact our Consumer Loan Department for assistance at (781) 796-6038.

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%

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