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Last Updated: 04/18/2025

Century Bank of Massachusetts Home Equity Lines of Credit

in Home Equity Lines of Credit from Century Bank of Massachusetts

Last Updated: 04/18/2025

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Highlights

Credit Score Range

600 - 800

Amount Range

$10,000 - $150,000

Maximum LTV

75%

Minimum Draw

N/A

Loan Term (Years)

Starting at 1

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 are available in 1 state.

Key Takeaways

Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Century Bank of Massachusetts Home Equity Lines of Credit.
Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Maximum LTV. Century Bank of Massachusetts Home Equity Lines of Credit has a maximum loan to value ratio of 75%.

Century Bank of Massachusetts Home Equity Lines of Credit Pros & Cons

Pros

Cons

Considers applicants with fair credit.

Charges an origination fee.
Charges prepayment fees.
No co-sign option available.
Only available in 1 state.

Century Bank of Massachusetts Home Equity Lines of Credit FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $150,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 75%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $55k in credit.

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

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Century Bank of Massachusetts Home Equity Lines of Credit offers a draw period of up to 10 years

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

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 an origination fee.

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

Century Bank of Massachusetts may consider HELOCs secured by the following property types:

Primary residences
Secondary or vacation homes

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Message from Century Bank of Massachusetts Home Equity Lines of Credit

Century Bank’s home equity line of credit (HELOC) is a smart way to finance your big plans – whatever they may be. Because we’re family run, we can make loan decisions quickly — so you can start living your dream faster. With our great low rates and flexible terms, you have fast and easy access to cash.

Contact

Headquarters

102 Fellsway West

Somerville, MA 02145

Visit Site

Email Support

Hours of Operation

Sunday

Closed

Monday

8:00AM - 4:00PM

Tuesday

8:00AM - 4:00PM

Wednesday

8:00AM - 4:00PM

Thursday

8:00AM - 5:00PM

Friday

8:00AM - 5:00PM

Saturday

8:00AM - 1:00PM

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SuperMoney Net Recommendation Score

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-1000+100

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