BROOKLINE, MA–(Marketwire – September 24, 2012) – With a current Home Equity Line of Credit being offered for as low as 2.99% Annual Percentage Rate (APR)*, Brookline Bank continues its focus on providing Greater Boston homeowners with a range of home equity financing solutions, including home equity lines of credit and home equity loans.
To make this low 2.99% APR home equity line of credit (HELOC) offer more accessible to homeowners, the bank has launched BrooklineBankHomeEquity.com — an online destination for web, mobile and tablet devices. Visitors to BrooklineBankHomeEquity.com will find Brookline Bank’s best home equity credit line rate and a link to its short, online pre-application form, where homeowners can get a head start on the application process.
Generally speaking, a home equity line of credit allows customers to get a variable rate and withdraw funds only when needed, while a home equity loan provides one lump sum and a fixed rate of payment. On its main website BrooklineBank.com, Brookline Bank encourages homeowners to research the different features and benefits of home equity lines of credit and home equity loans, to make sure their financing choice best matches their borrowing needs and repayment preferences.
A home equity line of credit from Brookline Bank offers a variable APR currently as low as Prime minus .26%, no set draw or repayment period, no expiration date, and no application fees, points or closing costs. Brookline Bank’s home equity loan is available in 5-year and 10-year terms, and has no application fees, points or closing costs.**
Brookline Bank is a subsidiary of Brookline Bancorp, Inc. (NASDAQ: BRKL), and is headquartered in Brookline, Massachusetts. A full-service financial institution, Brookline Bank provides individuals and businesses with deposit and lending services, residential mortgages and home equity lending, commercial and CRE lending, cash management, merchant services, and access to investment services. Brookline Bank operates 21 branches in Greater Boston. For more information go to www.BrooklineBank.com.
* The Annual Percentage Rate (APR) may vary monthly and will be based on the Prime Rate as listed in The Wall Street Journal (Prime) plus a margin. The APR will not be less than 2.99% APR or more than 18% APR. As of 9/1/12 the Prime Rate is 3.25%. The APR will also depend on the amount of the credit line that we approve. For lines of $100,000 to $500,000, the APR will be Prime -.26%, currently 2.99% APR. For lines of $50,000 to $99,999, the APR will be Prime +.74%, currently 3.99% APR. For lines of $10,000 to $49,999, the APR will be Prime +1.10%, currently 4.35% APR. All APRs reflect a .26% Autopay discount. In some instances, the APR calculation used could result in a fully indexed APR below the minimum APR of 2.99%. If this occurs, your APR will not be less than 2.99%. Property hazard insurance required. No closing costs except for cooperatives and properties held in a trust. $40 Annual Fee is waived for first year. Early termination of $350 fee applies. Other terms and conditions and restrictions apply. Offer subject to change without notice.
** As of 9/1/12, a 3.99% APR is available for a 5-year loan with a minimum $50,000 borrowed amount. A $50,000 loan at 3.99% APR for 5 years requires 60 monthly payments of $920.50, an $18.41 payment per $1,000 borrowed. As of 9/1/12, a 5.99% APR is available for a 10-year loan with $10,000-$49,999 borrowed amount. A $25,000 loan at 5.99% APR for 10 years requires 120 monthly payments of $277.50, an $11.10 payment per $1,000 borrowed. If your loan is a first lien loan, these payment examples do not include taxes or insurance and therefore your payments will be greater. Application fee and closing costs may apply for cooperative units and properties held in a trust.
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