A Great Loan Option
If you’d like to borrow a lump sum of money using the equity in your home, getting a Torrington Savings Bank Home Equity Loan is a great option that costs less than most other borrowing methods.
Even better, TSB offers a special Equity 100 home equity program that allows well-qualified borrowers to borrow up to 100% of the value of their home. Torrington Savings Bank offers Home Equity Loans at fixed rates with various term options.
Features of a Torrington Savings Bank Home Equity Loan:
- No closing costs
- No application fees
- No appraisal fees
- 5, 10, 15 or 20 year fixed term options
- Fixed monthly payment
- Interest may be tax deductible
- Borrow up to 100% of the value of your home
Home Equity Loans
Effective Date: November 29, 2022
|Home Equity Loan – 20 Year||5.250||5.250|
|Home Equity Loan – 15 Year||5.125||5.125|
|Home Equity Loan – 10 Year||4.75||4.75|
|Home Equity Loan – 5 Year||4.125||4.125|
|Home Equity 100 – 20 Year||8.00||8.00|
|Home Equity 100 – 15 Year||7.875||7.875|
|Home Equity 100 – 10 Year||7.50||7.50|
|Home Equity 100 – 5 Year||6.875||6.875|
Home Equity Loan Details:
Homeowners insurance is required; flood insurance may be required. Properties listed for sale are not eligible for this program. Loan must be secured by a first or second lien on primary residences. Properties with underground fuel storage tanks are not eligible. Rates reflect discount for Auto-Pay from a Torrington Savings Bank Account. Add .25% to rates quoted, if waiver of Auto-Pay is granted. Auto-Pay from a Torrington Savings Bank Account is mandatory on all Home Equity 100 products. Consult with your tax advisor to learn more about the potential for a tax deduction on the interest. Home Equity Loans are not eligible for remote closings. If your loan is approved, you will need to schedule a convenient time to sign the loan documents in a TSB branch. Not all borrowers will qualify to borrow up to 100% of the value of their home; contact us for details.