With shorter terms and lower interest rates, a First Lien Equity Loan is a solid financing option for your home.
- Competitive Rates
- Free Pre-Approval
- Fast, Local Service
- Includes monthly payments that remain fixed over the life of the loan
- Pay-off your loan balance quickly
- Fixed principal and interest payments for the full term of the loan
- No risk that changing market conditions will increase your monthly payments
- The loan balance will decrease more rapidly than longer term loans.
At a 2.375% interest rate, the APR for this loan type is 2.535%. The monthly payment schedule would be:
119 payments of $1,874.05 at an interest rate of 2.375%
1 payment of $1,874.26 at an interest rate of 2.375%
This payment schedule is based on a $200,000 loan on a $250,000 property in Worcester county, MA.
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.