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Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. Home Equity Loan Products are subject to underwriting and credit approval. Berkshire Bank Institution NMLS Registry Number – 506896. The minimum loan amount is $15,000 and maximum loan amount is $400,000.
Eligible Properties: First and second lien on 1–4 family owner occupied residences and qualified second homes only. Home equity financing on non-owner occupied properties, rehabilitation loans, properties under construction, manufactured housing, or homes currently offered for sale are not available.
Closing Costs: The Bank pays all standard closing fees for loans $250,000 or less. For loans exceeding $250,000, the customer pays the cost of NYS mortgage tax on the loan amount exceeding $250,000. For loans exceeding $400,000, the customer pays the cost of lender’s title insurance, attorney fee over $250, and the portion of the NYS mortgage tax on the loan amount exceeding $250,000. Non-standard third party charges are paid by the customer which include (if applicable): third party lender’s subordination fee, subordination recording fees, condo/HOA document fees, overnight mailing fees, appraisal upgrade fee, title insurance (if required), and attorney fees over $250. If applicable, the estimated sum of all charges incurred may range from $1,617 to $2,750.
Recapture Fee: If the loan is paid in full within the first 36 months ,the bona fide third party charges paid by Berkshire Bank in connection with the transaction will be recaptured. This fee will be the lesser of $500 or the actual amount paid by the Lender on behalf of the borrower. New York Properties: the recapture fee is the lesser of $500 or the actual amount paid by the Lender on behalf of the borrower together with the total amount of lender paid borrower mortgage tax.
¹For first lien Home Equity Loans with terms of 5, 10, 15 or 20 years (For Illustrative Purposes only): The stated Annual Percentage Rate (APR) is available for qualifying properties in Berkshire Bank’s footprint with a Home Equity Loan amount of $15,000 to $400,000. As of 3/7/17: a loan amount of $75,000: 5-year term and 3.49% APR with 60 monthly payments of $1,363.86; 10-year term and 3.99% APR with 120 monthly payments of $758.91; 15-year term and 4.25% APR with 180 monthly payments of $564.19; 20-year term and 4.49% APR with 240 monthly payments of $474.09. The payment examples provided do not include taxes and insurance(s), and the actual payment obligation may be greater. The interest rates and APRs shown above are subject to change without notice. Home Equity Line of Credit: 20-year line of credit consists of a 10-year draw period with interest only monthly payments followed by a 10-year principal and interest repayment period. Annual Percentage Rate (APR) is a variable rate and based on the Index plus the margin. The Index is the Prime Rate as found in the Money Rate section of The Wall Street Journal and is floating during the life of the loan. The minimum APR will never go below 3.25% and will never exceed 18.00%.
²The stated APR of 3.50% is available for qualifying properties in Berkshire Bank’s footprint and based on a margin of -.50% that is subject to change without notice. As of 3/7/17, the margins for a loan amount of: $15,000-$24,999 is +0.00%; and $25,000-$400,000 is -.50%; and $400,001+ is 0.00%. Stated margins require a Berkshire Bank checking account and $15,000 minimum draw into the Berkshire Bank checking account at closing.
HELOC Account Fees: an annual fee of $50 (beginning on the second anniversary date of the agreement date); a minimum advance fee of $15 is charged for advances of less than $250; a stop-payment fee of $25; and a return check charge of $25. Other restrictions may apply. Offer is subject to change without notice.
Your APR will vary based on your final loan amount and actual finance charges. Homeowners insurance is required. Flood insurance may also be required. Consult your tax advisor regarding the deductibility of interest and potential tax savings.
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Berkshire Bank, 24 North Street, P. O. Box 1308, Pittsfield, Massachusetts 01202-1308, 1-800-773-5601