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.
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.
| 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 | 3.25% | 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 | 4.50% | $18.65 | Show Payments |
| 10 Year Fixed Rate Option | 4.75% | $10.49 | Show Payments |
| 15 Year Fixed Rate Option | 5.00% | $7.92 | Show Payments |
| 20 Year Fixed Rate Option | 5.25% | $6.75 | 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 (3.25% on 9/30/2020) 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 $450.00 if the property value is under $1 Million and $550.00 if the property value is over $1 Million. Early termination fee of $500 if the line is closed and discharged within two (2) years. Offer, rates and program subject to change without notice. Offer valid for new customers only. Customers with an existing Home Equity Line of Credit are not eligible for the special introductory rate. Consult your tax advisor about deductibility of interest. Subject to credit application and approval. 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) |
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