Home Equity Options
Low Rates and Tax Benefits!
If you own a home - an equity loan or an equity line of credit
can be one of the smartest and least expensive ways to borrow money.
You can access the equity in your home through a fixed payment loan or
an equity credit line. You can use an equity loan or line for home
improvements, education, major purchases such as a car, boat or
trailer, a vacation, or even debt consolidation. And the interest you pay may qualify for a tax deduction*.
Equity Loan With a fixed payment loan you can take advantage of
the usually lower rates charged for equity loans versus other types of
consumer loans, and have the benefit of paying down your loan with
affordable monthly payments. Apply
Now!
Equity Line of Credit
With a line of credit, you can take advantage of the lower rates of an
equity line and write yourself a loan when and where you need it
simply by writing a special check. Apply
Now!
Home Equity Interest Rates
Interest rates accurate as of 03/21/08
Rates subject to change without notice
Equity Loan Rates
Term in months
Loan to Value
Preferred Customer APR* with a checking account & automatic payments
Preferred Monthly payment per $1,000 borrowed
APR* without a checking account
Monthly payment per $1,000 borrowed
60 120 180
80% Tax assessment or appraised value
5.99% 5.99% 6.24%
$19.33 $11.10 $8.57
6.99% 6.99% 7.24%
$19.80 $11.61 $9.13
60 120 180
81-90% appraised value only
7.49% 7.49% 7.74%
$20.04 $11.87 $9.41
8.49% 8.49% 8.74%
$20.52 $12.40 $9.99
*Annual Percentage Rate (APR). Preferred Customer APR is available if you have a Kennebunk Savings Buzz, Apex, Maxmizer, or Advantage 50 checking account. Preferred Customer APR is .25% higher without automatic payments from your checking account. Minimum Equity Loan is $5,000. Minimum monthly payment is $50. Property insurance required. Flood insurance may be required. An early termination fee and other restrictions may apply. Consult your tax advisor about tax benefits.
Equity Line of Credit Rates
Term in months
Loan to Value
Preferred Customer APR* with a checking account
Preferred Monthly payment per $1,000 borrowed
APR* without a checking account
Monthly payment per $1,000 borrowed
Up to 180
80% Tax assessment or appraised value
5.25% Prime
Interest Only
6.25% Prime + 1%
Interest Only
Up to 180
81-90% appraised value only
7.00% Prime + 1.75%
Interest Only
8.00% Prime + 2.75%
Interest Only
*Annual Percentage Rate (APR). Preferred Customer APR is available if you have a Kennebunk Savings Buzz, APEX, Maximizer, or Advantage 50 checking account. Equity Line rates are based on the Prime Rate as published in The Wall Street Journal; may vary monthly and will never exceed 18% APR. Prime Rate is currently 5.25% as of 3/19/08. Minimum Equity Line is $5,000. Minimum monthly payment is $25. Property insurance required. Flood insurance may be required. An early termination fee and other restrictions may apply. Consult your tax advisor about tax benefits.
Kennebunk
Savings Bank is a true community bank. We do not lend beyond Maine or
New Hampshire. We generally do not make loans outside of York County
and Cumberland County, Maine, and the seacoast areas of New Hampshire.
Loan applicants must be age 18 or older, per Maine State Law. Some
minimum loan amounts may apply.
