East Cambridge Savings Bank - Home Equity Rates

Program	Term	Interest Rate	APR	Monthly Payments per $1000 borrowed
Fixed Rate Home Equity Loans* (Effective: Saturday, July 04, 2009)
Fixed Rate Home Equity Loan	36 months	5.625%	5.723%	$30.25
	60 months	5.990%	6.051%	$19.33
	120 months	6.250%	6.283%	$11.23
	180 months	6.750%	6.774%	$8.85
*Annual Percentage Rate (APR) subject to change. Minimum loan amount: $25,000. Maximum loan amount: 80% of appraised value less first mortgage. Hazard Insurance is required.

Home Equity Line of Credit*
(Effective: Saturday, July 04, 2009)

Program

Interest Rate

APR

Interest Only Home Equity Line of Credit with Fixed Rate Conversion Option

(Repayment for revolving portion: If the subject monthly payment is automatically deducted from an East Cambridge Savings Bank checking/savings account, the initial rate at closing will be 3.99% until December 1, 2009, 3.99% APR, and thereafter the interest rate will be a variable rate equal to the Prime rate minus 1% per annum, subject to a minimum rate of 4.25% APR per annum and a maximum rate of 18.00% APR per annum for the remainder of the term. The maximum term is 20 years. If the subject monthly payment is not automatically deducted from an East Cambridge Savings Bank checking/savings account, the rate will be Prime plus 0% for the life of the loan, subject to a minimum rate of 4.25% APR per annum and a maximum rate of 18.00% APR per annum. The APR without the initial discount would be 4.25%. As of 12/18/08, the Prime Rate was 3.25%. Minimum payment of interest only during the 10 years of line access. Payment of principal + interest during the 10 years of no line access. Fixed Rate Conversion Option: Borrower has the option, at any time, during the draw period, to convert the interest rate on some or all of the outstanding principal balance from a variable rate to a fixed rate. The interest rate for each Option Amount shall be a fixed rate equal to the Prime Rate as published in the Wall Street Journal on the date ECSB receives the request plus 4.00% per annum or a lower promotional conversion rate offered at time of request. The minimum principal amount that may be converted is $10,000 and the maximum term is 15 years, provided it does not exceed the original maturity. Upon conversion, the maximum available under the agreement will be reduced by the principal amount converted to a fixed rate. Borrower may exercise the fixed rate option up to 3 times. The borrower shall pay a processing and documentation fee of $100 for each conversion.)

3.990%

4.250%

*Home Equity Line of Credit (HELOC) available only for 1-4 family owner occupied properties in Massachusetts. Annual Percentage Rate (APR) subject to change. Minimum loan amount $25,000.00. Maximum loan amount $250,000.00. No appraisal needed for Combined Loan To Value (CLTV), based on the tax-assessed value, 60.00% or less with an ECSB first mortgage OR 50.00% or less with a non-ECSB first mortgage. Appraisal required for CLTV of 60.01% to 70.00% with an ECSB first mortgage OR 50.01% to 60.00% with a non-ECSB first mortgage. Maximum APR 18%. APR is variable and will be based on the Prime Rate as published in the Wall Street Journal on the 25th of each month. All loans will be assessed a $50.00 annual fee. Hazard Insurance is required. No closing costs for lines of $50,000.00 or greater WITH an initial draw of $25,000.00 or greater at time of closing. For lines less than $50,000.00, closing costs may range from $500.00 to $1,000.00. A termination fee equal to the ECSB closing costs (approximately $325.00 to $1,000.00) will be assessed if the line is closed out within the first 24-months. If an appraisal is required the range of appraisal costs to you is $250.00 to $750.00.

Additional rates and terms available.
All loans are subject to credit approval.
All rates are subject to change.