Home Equity Rates
Effective July 24, 2017
Minimum loan amount on home equity loans and lines $10,000.00. Rates subject to change without notice.
Rate Change Frequency
Annual Percentage Rate (APR)*
- See Below #1, #3
- See Below #1, #2, #3
* APR = Annual Percentage Rate. Maximum APR is 18%.
Actual interest rate and APR are based on your loan qualifications and may be higher than the rates displayed on the website. All loans are subject to credit approval.
Rate and margin can be reduced by 0.25% for customers with a Mechanics Savings Bank checking account set up with direct deposit and automatic payment.
Interest only during draw period. Draw period of 10 years. At the end of the draw period, repayment is scheduled over 180 months. The APR* cannot exceed 18%. APR adjusts monthly based on an index plus a margin. Closing costs are typically $500.
Flood and/or property insurance is required.