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Home Equity Loans and Lines of Credit


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. 

Home Equity Loan

Borrow a lump sum and pay it back
over a number of years.







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

Promotional Home Equity Line of Credit Rates
Line Amount APR During 12-month Introductory Period* Variable APR After 12-month Introductory Period* Variable Rate After 12-month Introductory Period
$25,000 to $99,999.99
3.99% (for 12 months) 
5.49% WSJ Prime Rate -0.01%
$100,000 to $199,999.99 3.99% (for 12 months) 5.24% WSJ Prime Rate -0.26%
$200,000 or greater 3.99% (for 12 months) 4.99% WSJ Prime Rate -0.51%
*
Annual Percentage Rate (APR) shown is accurate as of December 31, 2018. 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. Maximum loan‐to‐value of 80% (includes all loans secured by that property). 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.
Introductory 3.99% APR is fixed for the first 12 months. Thereafter, the APR will adjust monthly based on the Wall Street Journal prime rate (at a rate of Prime -0.01% for line commitment from $25,000 to $99,999.99; Prime -0.26% for line commitment from $100,000 to $199,999.99; Prime -0.51% for line commitment of $200,000 or greater, for the life of the line). As of December 31, 2018 Wall Street Journal prime rate is 5.50%.
The minimum rate floor will be 3.99% and the maximum APR (cap) will be 18.00%. Rates subject to change. $200 prepayment penalty applies if loan is closed within the first two years. Annual maintenance fee of $50 assessed on anniversary date of loan.
Payment example based on a Home Equity Line of Credit of $25,000, the first 12 months at 3.99%, the interest only payment would be between $84.72 and $76.52 per month, then the next 108 payments of interest only at 5.49% would be between $116.57 and $105.29 per month; for the remaining 180 months, the principal and interest payment would be between $255.46 and $93.37 per month, with a final payment of $94.24.
































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
NMLS #993334
603-342-1437

Campton
Channele Wingrove 
NMLS# 1162561
603-342-1420

Concord
Tyler Pond
NMLS #1379846
603-225-2095

Conway Village
Jennifer Dore 
NMLS #1477145
603-447-3206

Gorham
Kim Poirier
NMLS #993334
603-342-1437


Laconia
Cheri Snow
NMLS #1353339 
603-342-1412

Manchester
Tania Alicea
NMLS #943341
603-342-1411

Meredith
Meagan Huttle
NMLS #531080
603-342-1421

North Conway/Intervale
Vikki Corbridge
NMLS #836777
603-342-1051

Pittsfield
Lori Chateauneuf
NMLS #1002418
603-342-1046

Plymouth
Glen Feener
NMLS #409051
603-342-1064

Portsmouth
Nicole Scarneo
NMLS #1747671
603-431-3911

Settlers Crossing
Vikki Corbridge
NMLS #836777
603-342-1051

Tilton
Jannette Thompson
NMLS #1106282
603-342-1421

West Ossipee
Deanna Hanley
NMLS #898827
603-342-1074

West Plymouth
Janet Currier
NMLS #1081190
603-342-1056