Put the equity in your home to work to tackle that home improvement project, pay for college tuition, consolidate existing debt, and more.
Understanding the difference between a Home Equity Line of Credit and a Home Equity Loan will put you in a position of being able to choose which one is right for you.
Home Equity Line of Credit
Borrow smaller amounts whenever
you need.
you need.
Home Equity Line of Credit
A Home Equity Line of Credit1 allows you to borrow funds on an as-needed basis. As a revolving line of credit, when the outstanding balance is repaid the available credit is replenished.
A Home Equity Line of Credit is secured by your home and offers you. . .
- Flexibility – draw money, pay it back, and draw it again, on your own schedule, when you need it, at any time during the initial 10-year draw period
- Convenience – transfer funds online or over the phone, or simply use one of the checks that you will receive when your Home Equity Line of Credit is opened
- Simplicity – the initial 10-year draw period is followed by a 15-year repayment period
| Line Amount | Variable APR2 | How APR is Calculated |
|---|---|---|
| $25,000 to $99,999.99 | 4.99% | WSJ Prime Rate - 0.01% |
| $100,000 to $199,999.99 | 4.74% | WSJ Prime Rate - 0.26% |
| $200,000+ in junior lien position | 4.74% | WSJ Prime Rate - 0.26% |
| $200,000+ in 1st lien position | 4.49% | WSJ Prime Rate - 0.51% |
1 Home Equity Line of Credit has a 10-year draw period followed by a 15-year repayment period. Interest rate is variable and moves with the Prime Rate (“Prime”) published in the Wall Street Journal (WSJ) plus or minus a margin that is determined at time credit decision is made. Minimum line amount of $15,000. Annual maintenance fee of $50 assessed on anniversary date of line. A $200 prepayment penalty applies if line is paid off within the first 2 years of opening the account. Check with your tax advisor regarding the deductibility of interest.
2Annual Percentage Rate (APR) shown is accurate as of 6/14/18. Check with the bank for rates, terms and restrictions; rates subject to change without notice. Home Equity Line of Credit requires application and qualification criteria be met. Not all applicants may qualify. Property insurance required. Flood insurance may be required. No closing costs except for Trust Review Fee of approximately $125, if applicable. 10 year draw period. 15 year repayment period. 25 year total term. Minimum line amount is $25,000. Stated APR is only available if at least $25,000 of the line commitment represents new loan commitment amount not currently established with Northway Bank, and, automatic payment from a Northway Bank checking account is maintained; other APRs available if either of these conditions is not met. The APR will adjust monthly based on the Wall Street Journal prime rate, at a rate shown above ranging from WSJ prime rate - 0.01% to WSJ prime rate – 0.51%, depending upon the size of the committed line and position of the lien, for the life of the line. Wall Street Journal prime rate is presently 5.00%. The minimum rate floor will be 3.99% and the maximum APR (cap) will be 18.00%. $200 prepayment penalty applies if loan is paid in full within the first two years. Annual maintenance fee of $50 assessed on anniversary date of loan.
Home Equity Loan
Is there a significant expense that you need cash for right now? Receive a lump-sum of money all-at-once and pay off the balance over time.
Terms of 10, 15 and 20 years are available. Choose a shorter term to pay less interest over the life of the loan, or pick a longer payment to manage your cash flow with smaller monthly payments.
A Home Equity Loan3 is secured by your home and can bring . . .
- Peace-of-mind that comes with knowing that you have a fixed interest rate and predictable monthly payment.
3 Home Equity Loan interest rate is fixed. Minimum loan amount of $15,000.
Speak to a Loan Specialist
Branch Manager by location
Berlin
Kim Poirier
603-342-1437
603-342-1437
Campton
Bobette Huke
603-342-1083
Bobette Huke
603-342-1083
Concord
Tyler Pond
603-225-2095
603-225-2095
Conway Village
Deanna Hanley
603-342-1079
Deanna Hanley
603-342-1079
Gorham
Dawn Cross
603-342-1451
Laconia
Cheri Snow
603-342-1412
603-342-1412
Manchester
Tania Alicea
603-342-1411
Meredith
Jannette Thompson
603-342-1421
603-342-1421
North Conway/Intervale
Vikki Corbridge
603-342-1051
603-342-1051
Pittsfield
Lori Chateauneuf
603-342-1046
603-342-1046
Plymouth
Glen Feener
603-342-1064
603-342-1064
Portsmouth
Tracy Ash
603-342-1464
603-342-1464
Settlers' Crossing
Janet Kelley
603-342-1087
603-342-1087
Tilton
Barbara Lawler
603-342-1092
603-342-1092
West Ossipee
Debra Golder
603-342-1074
603-342-1074
West Plymouth
Janet Currier
603-342-1056
603-342-1056
Customer Service 800-442-6666
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