Home Equity Options
Low Rates and Tax Benefits!
If you own a home - an equity line of credit or loan can be one of the smartest and least expensive ways to borrow money. You can access the equity in your home with through line of credit or a fixed payment loan for home improvements, education expenses, major purchases such as a car, boat or trailer, a vacation, or even debt consolidation. And the interest you pay may be a tax deductible**.
Equity Line of Credit
Our Home Equity line of credit is a great option if you want flexible access to your funds only when you need them – simply by writing a check. Plus, you can choose to make low, interest-only payments for up to 10 years. Right now we offer two great rate options: choose the introductory fixed rate guaranteed for 3 years; or take advantage of a low variable rate right now.
Equity Loan Our Home Equity loan lets you lock-in your rate for the life of your loan. You get a great rate and can choose up to 15 years to pay down your loan knowing your payments will always remain the same!
Home Equity Interest Rates
Interest rates accurate as of 06/22/08
Rates subject to change without notice
Equity Line of Credit Rates
Two options: Choose the introductory guaranteed fixed rate followed by a variable rate, or if you prefer, the variable rate for the life of the loan.
Loan to Value
Introductory Fixed Rate Guaranteed for 3 years
Variable Rate*
Monthly payment per $1,000 borrowed
80% Tax assessment or appraised value
As low as 5.49% APR*
As low as 4.99% APR*
Interest Only
81-90% appraised value only
As low as 6.49% APR*
As low as 5.99% APR*
Interest Only
*Annual Percentage Rate (APR) may be higher based on your credit worthiness and loan-to-value (LTV) ratio over 80%. Rate guaranteed for 3 years; thereafter, rate varies monthly based on the Wall Street Journal Prime Rate plus a margin from -.01% to +1.99%. Prime as of 6/22/08 was 5.00%. Rate will never exceed 18% APR. Minimum new customer Home Equity Line is $10,000; minimum increase for existing Kennebunk Savings Equity Line customer is $10,000. Proof of homeowners and flood (if applicable) insurance required. Early termination fee and other restrictions may apply.
Equity Loan Rates
Loan to Value
Rate
Term
Monthly payment per $1,000 borrowed
80% Tax assessment or appraised value
As low as 5.49% APR*
Up to 15 Years
$8.17
81-90% appraised value only
As low as 6.49% APR*
Up to 15 Years
$8.71
*Annual Percentage Rate (APR) may be higher based on your credit worthiness and loan-to-value (LTV) ratio over 80%. Minimum new customer Home Equity Loan request is $10,000; minimum increase for existing Kennebunk Savings Equity Loan customer is $10,000. Proof of homeowners and flood (if applicable) insurance required. Other restrictions may apply.
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.
**Consult with your tax advisor about tax benefits.
