One of the smartest, most economical ways to borrow money is right at your fingertips: An Andover Bank home equity line of credit. Use your home's equity to tackle home improvements, buy a car, consolidate debt - just about anything.
Home Equity Line of Credit (HELOC)
A HELOC gives you the ability to borrow against the line whenever you need it. It's perfect for projects and major expenses where you don't quite know what the fixed costs will be and your timing is fluid.
- Borrow what you need, when you need it at any time during the draw period (typically 5 years)
- Access funds through Online Banking, over the phone, or by checks
- Interest is only charged on the outstanding line balance
- Right now, we'll even pay your closing costs*
Fixed-Rate Home Equity Loan
A fixed-rate home equity loan is great for when you know the total cost of a project or expense and have a set timeframe for using funds.
- Borrow a specific amount with set terms
- Fixed monthly payments
- Low fixed rate will not change for the life of the loan
Valuing our relationship
Have an Andover Bank checking account? You're eligible for a 0.25% interest rate discount with enrollment in automatic payments as a thank you for your loyalty. Visit your local banking center for details.
Put your home to work!
Give us a call today at (844) 259-5473 or stop by one of our banking centers to learn more and get started. A dedicated lending expert will walk alongside you from start to finish to help you make the best borrowing decision.
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*Rates effective as of 8/6/19 and are subject to change. Subject to Credit approval. Not all applicants will qualify for advertised APR (Annual Percentage Rate). Rates include .25% preferred rate reduction with auto debit from an Andover Bank checking product. Owner-occupied 1st or 2nd lien position only. 80% maximum Loan to Value (LTV) Ratio. Minimum new loan amount of $20,000, maximum of $200,000. After the Introductory Period, the variable rate of the Line of Credit (LOC) will adjust monthly to The Wall Street Journal US Prime Rate minus a margin of .25%. Minimum APR of 4.00% after the introductory period, maximum APR of 18.00%. 15 year loan with a five year draw period and ten year repayment period. Minimum draw amount of $100. Repayment period with monthly payments of 2% of the outstanding balance. Making only minimum payments may result in a final balloon payment due. No closing costs. $50 annual fee, waived the first year. Prepayment penalty of $350 if LOC is paid and closed within three years of the note date. No prepayment penalty option available. Property Insurance and current property taxes are required; flood insurance may be required. Limited time offer.