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  • Marlborough Main Office - 508-481-8300
    81 Granger Boulevard P.O. Box 19 Marlborough, MA 01752
    Mon-Wed, Fri 8:00am-5:00pm
    Thursday 8:00am-6:00pm
    Saturday 9:00am-12noon
  • Hudson Branch Office - 978-562-4700
    186 Main Street Hudson, MA 01749
    Mon-Wed 8:00am-4:00pm
    Thursday 8:00am-5:00pm
    Friday 8:00am-6:00pm
    Saturday 8:00am-1:00pm
  • 6 East Main Street Southborough, MA 01772
    Mon-Wed 8:30am-4:00pm
    Thursday 8:30am-6:00pm
    Friday 8:30am-5:00pm
    Saturday 9:00am-1:00pm
  • 71 Boston Post Road East Marlborough, MA 01752
    Mon-Wed 9:00am-5:00pm
    Thurs-Fri 9:00am-7:00pm
    Saturday 9:00am-12noon
  • Sudbury Branch Office - 508-460-4172
    Within Sudbury Farms Market 439 Boston Post Road Sudbury, MA 01776
    Mon-Fri 9:00am-6:00pm
    Saturday 9:00am-3:00pm
    Sunday 10:00am-2:00pm
  • 101 West Main Street Northborough, MA 01532
    Mon-Wed 8:30am-4:00pm
    Thursday 8:30am-5:00pm
    Friday 8:30am-6:00pm
    Saturday 9:00am-12noon
  • 21 East Main Street Westborough, MA 01581
    Mon-Wed 8:00am-5:00pm
    Thursday 8:00am-6:00pm
    Friday 8:00am-5:00pm
    Saturday 9:00am-12noon
ABA/Routing Number: 211370752 customerservice@agreatbank.com

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Equity Line of Credit

A home equity line of credit gives you flexibility when paying for major purchases – like home improvements or any surprises life brings. How does it work? Much like a credit card, a home equity line of credit (HELOC) allows you to borrow up to a certain amount of money for the term of the loan, which is 20 years for Marlborough Savings Bank. During that time, you can draw money as you need it, and as you pay off the principal (the original amount of the line), you can use the available credit again. For example, if you have a $10,000 line of credit, and use $5,000, you have $5,000 left that is still available to use. If you pay back $3,000, then you will have $8,000 left that is available to use.

Our HELOCs have an added feature of flexibility that other banks do not have. With an MSB equity line of credit, you have the ability to “lock” portions of the equity line into a fixed rate equity loan. This is great for expenses you know will be for a fixed cost or amount of time. A good example is if you want to purchase a car with the funds from your equity line of credit. Fixing just the portion to pay for the car will ensure you pay a fixed amount, regardless of whether interest rates change.

Compare our HELOC options to find the product that best suits your needs!

Options Intro Jumbo Special Investment Max
Description A great solution for debt consolidation, home improvements, and more. For line amounts over $150,000 you can still get a great rate. Ideal for owners of investment property. If a high loan to value is your challenge, the Max may be right for you.
Apply
APR 2.74%1 3.50%2 5.50%3 6.00%4
Rate description (variable) (variable) (variable) (variable)
Rate Type adjustable based on WSJ - 1.26% adjustable based on WSJ - 0.50% adjustable based on WSJ + 1.5% adjustable based on WSJ + 2.0%
Min Loan Amount $10,000 Greater than $150,000 $10,000 $10,000
Maximum Loan Amount $150,000 $1,500,000 Maximum line up to 75% of the equity in the property Maximum line up to 90% of the equity in the property based on appraised value
Fixed Rate Options
yes
yes
no
yes
Minimum advance required $10,000 $25,000 - -
Closing costs - - $0-$600 $0-$600
Loan to Value up to 80% up to 80% up to 75% up to 90%
Online Transfers
yes
yes
yes
yes