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  Century Bank of Massachusetts Home Equity Lines of Credit

Century Bank of Massachusetts Home Equity Lines of Credit

in Home Equity Lines of Credit from Century Bank of Massachusetts · NMLS ID #411068

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Century Bank of Massachusetts Home Equity Lines of Credit

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in Home Equity Lines of Credit from Century Bank of Massachusetts · NMLS ID #411068

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Highlights
Loan Amount $10,000 - $150,000
APR  (Fixed APR) 2.75% - 18%
Maximum LTV 75%

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.

Century Bank of Massachusetts Home Equity Lines of Credit FAQ

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 access your funds by check, phone, credit card, or online up to your HELOC amount.

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 cancellation 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

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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

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

Other Services by Century Bank of Massachusetts

Availability

  Available in 1 state
Massachusetts
Availabile in all of Massachusetts

Feature Breakdown

Cancellation Fee $425
Credit Score Range 600 - 800
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Proof of Identity
  • Government Issued Photo ID
  • Social Security Number
  • Driver License (or other photo ID)
Maximum LTV 75%
Draw Period 10 years
Repayment Period 10 years
Loan Term Starting at 1 year
Loan Amount $10,000 - $150,000
APR (Fixed APR) 2.75% - 18%
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)

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