Endless Possibilities
Using the equity in your home is a low cost way to borrow the funds you need for the goals you have. Whatever those goals are.
For many people, the equity in their home is one of their biggest sources of net wealth. Tapping into that resource can give you access to funds at a much lower rate than almost any other borrowing method, and let you use that money for any purpose you choose.
Torrington Savings Bank offers two great options for homeowners to use their equity in the way that makes the most sense for their needs: Home Equity Loan and Home Equity Line of Credit.
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Home Equity Details:
Home Equity Line of Credit Details: Annual fee after the 1st year is $35. Maximum LTV is 80%. Homeowners insurance is required; flood insurance may be required. Properties with underground fuel storage tanks are not eligible. Consult with your tax advisor to learn more about the potential for a tax deduction on the interest. Home Equity Lines 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.
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.
