Home Equity Lines of Credit and Loans are available for owner occupied, 1-4 family primary residences; some secondary homes may also qualify. Property insurance is required.
Which option is best for you?
With different terms and benefits, the information below will help you decide which equity option best fits your situation and needs.
Home Equity Line of Credit
Use this line of credit as a reserve to draw upon whenever you need cash. Unlike loans made for specific reasons, funds borrowed on your Home Equity Line of Credit can be used for almost any purpose.
The Bank will supply you with special checks to draw on your Home Equity Line. You can write a check, at any time, anywhere, up to the full amount of your Home Equity Line. Pay it down and reuse it as often as you wish. You may also transfer funds from your Line of Credit to your Cape Cod Five account(s) using Online Banking.
- Finance charges apply only to the amount you have withdrawn
- Minimum line amount: $10,000
- Maximum line amount: $500,000
Home Equity Loan
Cape Cod Five's Home Equity Loan is a great way to finance just about anything on a planned repayment schedule. Upon loan approval, funds are made available in a lump sum.
- Finance charges are fixed for the life of your loan
- Minimum loan amount: $10,000
- Maximum loan amount: $400,000