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If you are a homeowner looking to borrow, a home equity loan may be the smartest way to get the money you need. A Kennebec Savings Bank home equity loan provides you with the flexibility to use the funds as you please, with an affordable interest rate and low closing costs. Plus, you get the benefit of potential tax savings, since home equity interest is usually tax deductible up to $100,000 (consult your tax advisor for details about your tax status). Kennebec Savings Bank offers two options for home equity loans, which allows you to choose the program that best meets your financial needs and objectives. In addition, you receive the Bank's personal service, local decisions and fast turnaround time, which means your home equity loan application process is relatively hassle-free. With a Kennebec Savings Bank home equity loan, you can feel confident that you have found a smart solution to your financing needs, whether your goal is home improvement, a new car, education financing, a vacation or any other reason!
Home equity lines of credit are available to homeowners for a minimum line of $5,000, up to a maximum of 90% of the value of the home (less any first mortgage outstanding). Once established, you can use your line of credit by writing a check, for any purpose. The interest rate on Kennebec Savings Bank's home equity line of credit is based on the prime rate and changes monthly as the prime rate changes (consult a loan officer for currently applicable interest rates on home equity lines of credit, and check writing conditions). Once the line of credit is established, it is available anytime, without reapplication; funds can be used and repaid, then used again. We will mail you a monthly bill for your payment, or you can arrange for an automatic deduction from a Kennebec Savings Bank deposit account.
If you plan to use all your home equity funds at once, Kennebec Savings Bank offers the option of a fixed-rate home equity loan. This loan can be written with a fixed rate for the life of the loan. There is no minimum loan amount and the maximum loan amount is 90% of the value of the home (less any first mortgage outstanding).
Outstanding home equity loans have a fixed monthly payment of principal and interest; payment is made by coupon book or automatic deduction from a Kennebec Savings Bank deposit account; if you pay by automatic deduction, you may receive a reduction of 1/4% on the interest rate of your loan. Consult a loan officer for currently applicable interest rates on fixed-rate home equity loans.
At Kennebec Savings Bank, we also have a number of personal loans designed with your specific needs in mind. Whether you are looking for overdraft protection on your checking account, or you need a preferred credit card, or you want to finance the purchase of a car, or you want to finance your child's education, our loan programs can help you reach your goals. And, with any program you select, you receive the Bank's personal service, competitive interest rates and fast turnaround time, which means you can spend less time arranging for your financing and more time using the funds to do the things that are important to you.
Installment loans can be either secured or unsecured. Terms on installment loans vary depending upon the option you select, with interest rates that are fixed for the term of the loan (consult a loan officer for currently applicable interest rates on the type of loan and term you want).
Installment loans have a fixed monthly payment of principal and interest;
payment is made by coupon book or automatic deduction from a Kennebec
Savings Bank deposit account; if you pay by automatic deduction, you
may receive a reduction of 1/4% on the interest rate of your loan and
a free personal checking account if your deduction is from your checking
account.
Kennebec Savings Bank also provides loans secured by savings accounts or certificates of deposit. These loans are ideal for those who wish to borrow money secured by their own deposits, and thus benefit from a lower interest rate and avoid losses by redeeming investments prior to maturity or at unfavorable market rates. Consult a loan officer for the terms and requirements of this type of loan.
Passbook loans may be paid monthly on an interest-only basis (with the principal due in full at maturity) or have fixed monthly payment of principal and interest the same as installment loans.
Personal lines of credit are available to checking account customers (the minimum line is $500). A personal line of credit allows you to transfer funds to your checking account as you need them, in increments of $100, and therefore eliminate the embarrassment of returned checks and the cost of overdraft fees. The interest rate on Kennebec Savings Bank's personal line of credit is based on the prime rate and changes monthly as the prime rate changes (consult a loan officer for currently applicable interest rates on personal lines of credit). Once the line of credit is established, it is available anytime for your use when you need money, without reapplying for the line; funds can be used and repaid, then used again.
We will mail you a monthly bill for the payment on your outstanding personal line of credit balance.
Kennebec Savings Bank offers its customers a choice of credit cards, with low fees (no annual fee if you have a Kennebec Savings Bank checking account) and competitive interest rates. You can select a MasterCard, Classic Visa or Visa Gold (for accounts of $5,000 or more) and the cards can be issued to you individually, jointly or for a business account. You can have up to eight cards issued on a single account, which is convenient if you have children who may need to use your credit card (if they are away at school, for example) or if you have a business account with several employees who need a company credit card.
For online access to your credit card account, click here www.mycardstatement.com.
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