Equity Loans & Lines
The equity you've built in your home represents your own money – money you might want to use for important needs such as building that much needed addition, buying a vacation property or paying for tuition. As you probably know, home equity loans or lines of credit allow you to borrow up to 90% of the appraised value of your home, less any owed mortgages. What's more, interest payments on both may be tax-deductible.*
Home Equity Loans
Home Equity Loans are ideal for financing a specific project or purchase, such as a home improvement or a new car.
- Terms vary, but payments are fixed based on the amount of the loan.
- There's no application fee, and the Bank doesn't require you to have an attorney.
Home Equity Lines of Credit
Home Equity Lines of Credit offer the ultimate in flexibility, allowing you to borrow part or all of your approved line of credit, whenever you want, at either a fixed or variable interest rate.
- You can borrow any or all of your approved line of credit simply by writing a check**
- Choose between a fixed or variable rate line of credit depending on your preference.
- There's no application fee and the Bank doesn’t require you to have an attorney.
- Your minimum required monthly payment is interest only.
- A monthly statement is provided to help you keep track of your account.
To learn more about our Home Equity options, visit your local branch or apply now.
*Please consult your tax advisor if you have any questions about whether a Newtown Savings Bank loan would be tax deductible for you.
**Minimum check amounts apply