your questions   our answers
 
 
who is this for?   Customers looking to tap into the equity in their home to finance larger purchases, home improvements, college education, or debt consolidation at attractive rates and easy repayment terms with the flexibility of a revolving line of credit.
 
how does it work?
  • Minimum line amount: $10,000
  • Ability to borrow up to 75% of appraised value of property (may require a property appraisal at the borrower's expense)
  • No points, no annual fee, and no closing costs
 
what else should I know?
  • Rate is the Wall Street Journal Prime Rate + 0% for the life of the line
  • Rates for Personal Relationship Package customers with automatic payments from a Wainwright checking account are:
    • Lines under $200,000: Wall Street Journal Prime Rate - .5% for the life of the line*
    • Lines $200,000 to $499,000: Wall Street Journal Prime Rate - 1% for the life of the line*
    • Lines $500,000 and over: please contact us for current rates
  • 4% rate minimum; 18% maximum
  • Revolving line of credit allows the flexibility of drawing and repaying principal amounts during the initial draw period
  • Interest is only paid on the outstanding principal balance (interest paid may be tax deductible, please consult your tax advisor)
 
what other services should i consider?
 
learn moreget the personal relationship package!

Make your banking easier and save hundreds of dollars by wrapping your personal accounts and loans together into one simple package. Get more convenience for less money with features like free checking, free worldwide ATM transactions, free overdraft protection transfer from a savings or money market account, and lots more!
 

*Wall Street Journal Prime Rate is 3.25% as of 12/17/08; a combined $5,000 deposit and loan balance will waive Personal Relationship Package monthly fee; maximum Annual Percentage Rate (APR) is 18%; rates subject to change after consummation; 1-4 family primary residences only; not available for homes currently for sale or intended to be sold within 6 months of loan closing; property insurance required; promotional offer is for new loans only and not for refinancing of existing loans with Wainwright Bank; limited time offer may be withdrawn at any time; consult tax advisor regarding deductibility of interest; no closing cost feature based upon a sufficient property valuation to support the loan amount requested; market appraisal fee, if applicable, will range from $350-$750; a prepayment penalty may apply for lines closed within the first 24 months.

Please note: Our lending area for loans & mortgages is primarily Eastern Massachusetts.

 
Wainwright: banking on Valuespersonal banking options

 

Equal Housing Lender and FDIC Insured
Wainwright Bank & Trust Company, 63 Franklin Street, Boston, MA 02110     Call 617-478-4000 or 1-888-428-BANK