Consumer Loan & Home Equity Rates

Reasonable rates mean lower monthly payments

Life is expensive enough without paying off-the-chart interest rates. At Berkshire Bank, you can get the money you need to make your life better without putting a big dent in your household budget. Apply online, over the phone, or in person at your local branch.

Annual Percentage Rates (APR), interest rates and terms will be determined by the customer’s overall credit rating, loan term, amount financed, age of collateral (if applicable) and monthly billing method.  Stated APR is based on a credit score of 740 plus.  Maximum loan to value financing on collateralized loans are pending year, make, model and credit performance.  For Term loans, minimum term is 6 months and minimum loan amount is $500.  Only non-Berkshire Bank loans are eligible for refinancing.  Vendor Single Interest insurance, title fees and additional terms and conditions may apply.  A 0.25% rate discount applies to loans with auto payment from a Berkshire Bank checking account (excludes the Reddi Cash product).  All consumer loan products shown here are fixed rates.  Loans are subject to credit approval.  Additional terms and conditions may apply. Rates are subject to change without notice.  Reddi-Cash is a fixed rate personal line of credit tied to a Berkshire Bank checking account for the purposes of overdraft protection.

*Monthly payment per $1,000 based on 5% of the principal balance plus 18%. 

HELOAN

*Payment per $1,000 examples provided do not include taxes and insurance(s), and the actual payment obligation may be greater.

HELOC

**Today's variable floating rate, Balance $25,000 - $400,000. This is a variable rate and the Annual Percentage Rate (APR) may increase after consummation.

***APR and Monthly Payment Per $1,000 based on the margin of -.50%.

Terms: 20 year line of credit with a 10 year interest only draw period followed by a 10 year principal and interest repayment period. The APR is the Index plus the Margin and will never be lower than 3.25% and will never exceed 18.00%. The index is the Prime rate as found in the Money Rate section of the Wall Street Journal. The margins are as follows: for a loan amount of $15,000 - $24,999 is +0.00%; for a loan amount of $25,000 - $400,000 is -.50%.

Initial Draw: The home equity line of credit requires $15,000 minimum draw into the Berkshire Bank checking account at closing.

Fees: an annual fee of $50; a minimum advance fee of $15 is charged for advances less than $250; stop payment fee of $35; return check charge of $25.

1-4 family primary residences, and 1 unit qualified second homes only. Home equity financing on non-owner occupied properties, rehabilitation loans, manufactured housing, or homes currently offered for sale are not available.

HELOC and HELOAN

Home Equity products require a Berkshire Bank checking account. Minimum loan or line amount is $15,000 and maximum loan or line amount is $400,000.

The Bank pays all standard fees for loans up to $250,000 for primary residence and qualified second homes. Non-standard third party charges are paid by the customer, which include: third party lender’s subordination fee, subordination recording fees, condo/HOA document fees, overnight mailing fees, and appraisal upgrade fee. For loans and lines exceeding $250,000, the customer pays the costs of the NYS mortgage tax on the loan/line amount exceeding $250,000. If applicable, the estimated sum of all charges incurred may range from $30 to $1,830. For a HELOAN 1-4 family non-owner occupied rental/investment properties, the appraisal fee is paid by the customer.

Recapture Fee: If the loan or line is paid in full within the first 36 months from the execution of the Note or Agreement, the bona fide third party charges paid by Berkshire Bank in connection with the transaction will be recaptured. This fee will be the lesser of $500 or the actual amount paid by the Lender on behalf of the borrower. NEW YORK PROPERTIES: the recapture fee is the lesser of $500 or the actual amount paid by the Lender on behalf of the borrower together with the total amount of lender paid borrower mortgage tax.

HELOC eligible properties: 1-4 family primary residences, and 1 unit qualified second homes only. Home equity financing on non-owner occupied properties, rehabilitation loans, manufactured housing, or homes currently offered for sale are not available.

HELOAN eligible properties: 1-4 family primary residences, 1 unit qualified second homes, and 1-4 family rental/investment/non-owner occupied properties. Home equity financing on rehabilitation loans, manufactured housing, or homes currently offered for sale are not available. *The Rate and APR for 1-4 family non-owner occupied rental/investment properties will be 1.00% higher than the stated rates.

Homeowners insurance is required. Flood insurance may be required.

75% maximum loan to value (LTV) and combined loan to value (CLTV) on a 1-4 family non-owner occupied rental/investment property in a HELOAN; 80% maximum loan to value (LTV) for a first lien home equity on a primary residence or second home; up to 85% maximum CLTV for a second lien home equity on a primary residence or second home pending credit performance.

Rates are subject to change without notice.