Consumer Loans

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 (4.25% on 3/3/2020).

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.

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	4.25%	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	4.750%	$18.76	Show Payments
10 Year Fixed Rate Option	5.000%	$10.61	Show Payments
15 Year Fixed Rate Option	5.250%	$8.04	Show Payments
20 Year Fixed Rate Option	5.500%	$6.88	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.

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% loan to assist with the installation of qualified energy efficient improvements in their homes. The loans are available up to $25,000 with terms up to 7 years.

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.

Heat Loan Terms – Maximum DTI Ratio of 40%

Owner Occupied Residential 1-4 Units
Standard loan
– $2,001 to $5,000 – Maximum term of 48 Months
– $5,001 to $15,000 – Maximum term of 60 Months

Extended Loan
– $15,001 to $25,000 – Maximum term of 84 Months

Non Owner Occupied 1-4 Family Units
Standard loan
– $5,000 to $15,000 – Maximum term of 60 Months
– $15,001 to $25,000 – Maximum term of 84 Months

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