National Iron Bank: Since 1847
Access Your Online Banking Account Here
Lending Solutions
Home Equity Line of Credit
  
I Remodeled It!
 
It is a little known fact that in 1623 Louis XIII built a gentleman’s hunting lodge at Versailles. His son, Louis XIV, enjoyed it so much he decided to remodel the property and in 1682 Versailles became the official residence of the Court of France.
 
So remember, whether you are sending a child off to college, consolidating bills, or remodeling Versailles, all it takes is an idea. And, at National Iron Bank we have the solution - Home Equity Lending with the following benefits:
 
  • Borrow at less than Prime over the life of the loan;* 
  • Pay no annual fees;   
  • Pay no closing costs.* 
3.000%  APR*
 
Home Equity Line of Credit
 
To choose a Home Equity Lending option that best fits your needs, visit one of our branch locations in Cornwall Bridge, Norfolk, Salisbury or Washington Depot; call us at 860-435-2581 or begin the process right here for a Home Equity Line of Credit.  If you prefer a Home Equity Loan with a fixed payment for the life of the loan see our Home Equity Loans.

HELOC - Disclosures and Rates for Connecticut and Massachusetts

Rates as of Wednesday, August 24, 2016

PointsOrigination FeeInterest RateAPRFully Indexed RatePayment per $1,000PaymentsApply
Home Equity Line of Credit - CT & MA - term 20 years
0.000$100.003.000%3.000%N/A$2.50Show Payments

*Home Equity Line of Credit Annual Percentage Rate (APR) is 3.00% and will be based on the Prime Lending Rate as published in the Wall Street Journal and adjusts quarterly. Automatic deduction payment option from Iron Country checking account is required. Prime Rate as of December 17, 2015, is 3.50%.  Monthly payment based on $25,000 borrowed. New outstanding balance of $25,000 or more required at closing. If the line of credit agreement is paid down below $25,000 or closed within the first month after commencing, and/or if it is paid off/closed during the 8 year draw period,  a prepayment fee of $350 applies. Loans of greater than $50,000 are subject to a $100 origination fee. Title insurance required for loans greater than $100,000. On loans less than $100,000 a copy of current title insurance required. If not provided, the purchase of title insurance will be required. 1-4 family owner-occupied properties only. Property insurance required. Rates vary by overall credit worthiness and loan-to-value ratio of each applicant. Rates subject to change without notice. All New York state loans involving a lien on real estate will prices at 1/4% above the posted rates. The bank's credit criteria apply. Minimum APR 3%, Maximum APR 18% - with Iron Country Banking relationship and new outstanding balance. Subject to a Minimum of 3% and a Maximum of 18% over the life of the loan. Any origination fees quoted are for portfolio loans only.  Sold loans will have a higher origination fee.

 
HELOC - Disclosures and Rates for New York

Rates as of Wednesday, August 24, 2016

PointsOrigination FeeInterest RateAPRFully Indexed RatePayment per $1,000PaymentsApply
Home Equity Line of Credit - NY - term 20 years
0.000$100.003.000%3.000%N/A$2.50Show Payments

*Home Equity Line of Credit Annual Percentage Rate (APR) is 3.00% and will be based on the Prime Lending Rate as published in the Wall Street Journal and adjusts quarterly. Automatic deduction payment option from Iron Country checking account is required. Prime Rate as of December 17, 2015, is 3.50%.  Monthly payment based on $25,000 borrowed. New outstanding balance of $25,000 or more required at closing. If the line of credit agreement is paid down below $25,000 or closed within the first month after commencing, and/or if it is paid off/closed during the 8 year draw period,  a prepayment fee of $350 applies. Loans of greater than $50,000 are subject to a $100 origination fee. Title insurance required for loans greater than $100,000. On loans less than $100,000 a copy of current title insurance required. If not provided, the purchase of title insurance will be required. 1-4 family owner-occupied properties only. Property insurance required. Rates vary by overall credit worthiness and loan-to-value ratio of each applicant. Rates subject to change without notice. All New York state loans involving a lien on real estate will prices at 1/4% above the posted rates. The bank's credit criteria apply. Minimum APR 3%, Maximum APR 18% - with Iron Country Banking relationship and new outstanding balance. Subject to a Minimum of 3% and a Maximum of 18% over the life of the loan. Any origination fees quoted are for portfolio loans only.  Sold loans will have a higher origination fee.

Top of Page