Home Equity Line & Loan Rates

Rates are subject to change without notice.

Subject to individuals residing or working in Hampden or Hampshire Counties of MA; Greater Granby CT Area, Northern Hartford or Northern Tolland Counties of CT.

For home equity loans, and home equity lines, rates are shown for owner-occupied properties. The monthly payment does not include taxes and insurance. Your actual payment may be greater.

All Loans with an Asterisk (*) reflect a 0.250% interest rate discount as long as you maintain an automatic payment withdrawal from a new or existing Westfield Bank checking account. The account must be opened prior to the settlement of your loan. A Relationship Banking Notice will be given at the start of your application.

Questions about loan rates?

Contact a Home Loan Specialist at (413) 568-1911, (800) 995-5734, or visit one of our convenient offices.

Rates as of Wednesday, November 7, 2018

Product DescriptionAPRApply
Home Equity Line of Credit 10 year draw period, 15 year repayment period, With an Introductory Fixed Rate for the first six months.
This product requires monthly payments to be automatically deducted from a Westfield Bank Checking Account.
Home Equity Line of Credit (1st & 2nd Lien) 80% LTV 1.990%

The minimum line of credit for the Home Equity Line of Credit is $10,000. An appraisal is required if loan request is greater than or equal to $250,000.

The index is Prime Rate as published in the Wall Street Journal, currently 5.25% and can change monthly after remaining fixed for 1 day. An increase in the interest rate will result in a higher monthly payment. The maximum APR is 18%. Homeowners insurance is required on the property securing these loans.

The Home Equity Line of Credit is subject to an early termination fee of $550.00 if prepaid in full and closed within 24 months.

The 10 year draw period is interest only and the remaining 15 year repayment period will be the principal balance remaining at the end of the draw period amortized over the 15 year term, plus interest. After the 6 month introductory period, the APR will be Prime Rate with a minimum APR of 5.25%.


Rates as of Wednesday, November 7, 2018

Product DescriptionAPRApply
Home Equity Line of Credit 15 year draw period, 15 year repayment period, With an Introductory Fixed Rate for the first six months.
Introductory Fixed Rate for the first 6 Months. Variable rate thereafter (current APR 5.00%) 81% to 85% CLTV, Margin 0.500%
Home Equity Line of Credit 81 to 85% LTV 1.990%

The minimum line of credit for the Home Equity Line of Credit is $10,000. An appraisal is required if loan request is greater than or equal to $250,000.

The index is Prime Rate as published in the Wall Street Journal, currently 5.25% and can change monthly after remaining fixed for 1 day. An increase in the interest rate will result in a higher monthly payment. The maximum APR is 18%. Homeowners insurance is required on the property securing these loans.

The Home Equity Line of Credit is subject to an early termination fee of $550.00 if prepaid in full and closed within 24 months.

The 15 year draw period is interest only and the remaining 15 year repayment period will be the principal balance remaining at the end of the draw period amortized over the 15 year term, plus interest. After the 6 month introductory period, the APR will be Prime Rate with a minimum APR of 5.75% for lines between 81%-85% CLTV.

For an 81% - 85% CLTV loan, the maximum loan amount is $50,000.Borrower-paid appraisal required.


Rates as of Wednesday, November 7, 2018

Product DescriptionInterest RateAPRPayment per $1,000Apply
Home Equity Loans (First Lien)
APR BASED ON 80% LTV
Home Equity (First Lien) 15 Year*4.500%4.500%$7.65
Home Equity (First Lien) 10 Year*4.250%4.250%$10.24
Home Equity (First Lien) 5 Year*4.000%4.000%$18.42
Home Equity Loan (Second, Subordinate, Junior Liens)
APR BASED ON 80% LTV
Home Equity (Second Lien) 80% LTV 5 Year*4.750%4.750%$18.76
Home Equity (Second Lien) 80% LTV 10 Year*5.000%5.000%$10.61
Home Equity (Second Lien) 80% LTV 15 Year*5.250%5.250%$8.04
Home Equity Loan (Second, Subordinate, Junior Liens)
APR BASED ON 81-85% LTV.
Home Equity (Second Lien) 81-85% LTV 5 Year5.500%5.500%$19.10
Home Equity (Second Lien) 81-85% LTV 10 Year5.750%5.750%$10.98
Home Equity (Second Lien) 81-85% LTV 15 Year6.000%6.000%$8.44

The minimum Home Equity Loan amount is $5,000. An appraisal is required if loan request is greater than or equal to $250,000.

General Disclosures Applicable to All Home Equity Loans and Lines

Home Equity Loan and Home Equity Line of Credit products are available for one to four unit owner occupied primary residences including condominiums.

The monthly payment per $1,000 borrowed does not include taxes and insurance.Your actual payment may be higher.

For an 81% - 85% CLTV loan, the maximum loan amount is $50,000.Borrower-paid appraisal required.

CLTV = Combined Loan to Value. These program descriptions are not an offer to extend credit.The extension of credit is dependent upon your credit history, loan-to-value ratio, and other factors.

You must pay certain third party fees for loans greater than or equal to $250,000. These fees total between $0.00 and $2,457.00. If you ask, we will give you an itemization of the fees that you will have to pay third parties.