Century Bank of Massachusetts Home Equity Lines of Credit Review

Century Bank of Massachusetts Home Equity Lines of Credit is offered by Century Bank of Massachusetts (NMLS #411068), a bank founded in 1969 and based in Somerville, MA. Century Bank of Massachusetts Home Equity Lines of Credit is available in 1 state across the USA.

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

Century Bank of Massachusetts Home Equity Lines of Credit allows borrowers to apply for lines of credit of up to $150,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 75% for qualified borrowers. That means the total debt secured by the property cannot exceed 75% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $55k.

What are the terms for a Century Bank of Massachusetts Home Equity Lines of Credit?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Century Bank of Massachusetts Home Equity Lines of Credit offers home equity loans with a draw period of up to 10 years and a repayment period of 10 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Century Bank of Massachusetts Home Equity Lines of Credit offer?

Century Bank of Massachusetts Home Equity Lines of Credit offers APRs starting at 2.75% and up to 18%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What fees does Century Bank of Massachusetts Home Equity Lines of Credit charge for a HELOC?

Century Bank of Massachusetts Home Equity Lines of Credit may charge a loan origination fee. Another fee you should factor in is a cancelation fee of up to $425.

What types of property can you use as security for a HELOC with Century Bank of Massachusetts Home Equity Lines of Credit?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Century Bank of Massachusetts Home Equity Lines of Credit will consider lines of credit secured by the following property types:

• Primary homes.
• Secondary homes and vacation properties