Home Equity Line of Credit

Whether you're renovating your home of taking care of other needs, make your home's equity work for you. We'll make it easy, because you have more difficult choices to make. 

*Offer is for qualified borrowers, subject to credit approval. The minimum loan amount is $10,000. This promotional rate offer does not apply to refinances of existing BSSB home equity lines of credit. Limited to primary owner-occupied NJ 1-4 family residences. First or Second Lien Position, up to $500,000, with a combined Loan to Value (CLTV) of 80% and 75% CLTV for Condominiums. The initial APR (APR=Annual Percentage Rate) is 3.49% which is “discounted”. It is not based on the index and margin used to make later rate adjustments. During the billing cycle in which the line of credit is originated and the 12 complete billing cycles of the Draw Period the rate will be fixed at the initial discounted APR. After you have had 12 completed billing cycles at the fixed rate, we will determine the APR for the remainder of the Draw Period and Repayment Period by subtracting the margin from the index value. A fixed rate will no longer apply. Thereafter, the rate will be set on the 1st of each month at the Prime Rate published in the Wall Street Journal (WSJ) on the last business day of the previous month, minus 1.00% (rounded to the nearest .125%), adjusted monthly until maturity, subject to a rate floor of 3.750% and a rate ceiling of 15.000%, representing the Maximum possible APR. As of 12/20/18 the Wall Street Journal Prime Rate = 5.500%; thus the current APR is 4.500%. Payments do not include applicable taxes and insurance, which, if applicable, will make your payment obligation greater. Property insurance required. Flood insurance may be required. An Early Termination Fee of $500 will be charged if the account is paid in full and closed within the first 18 months of origination. A Dormancy Fee of $50.00 will be charged if the account remains inactive for a period of 12 consecutive months. Interest may be tax deductible; consult with your tax adviser. No Application Fee or Closing Fee. Rates and terms are subject to change without notice. All loans are subject to credit approval. Offer subject to change. Certain other restrictions may apply. Boiling Springs and/or its agency is not responsible for typographical errors.