MyCommunity Home Equity Loans

Introducing MyCommunity Home Equity Loan

Take full advantage of your home’s equity.
Borrowing between $5,000 and $15,000 is simply easier here.

 

We’re pleased to introduce our MyCommunity Home Equity Loan, perfect for homeowners who don’t need to borrow a large sum of money to achieve their financial goals. This program is also available to landlords.

You can quickly utilize the equity in your home to:

  • Pay off existing high-interest credit cards and other debt
  • Make home improvements or emergency repairs
  • Increase curb appeal for vacancy
Please note that this product requires a checking account, click here to open an account if you don't have one.
 

Click here to apply 

Click here to find your nearest branch or call 800.773.5601

 
Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. MyCommunity Home Equity Loan Products are subject to credit approval. Berkshire Bank Institution NMLS Registry Number – 506896. Property location and income requirements apply. The minimum loan amount is $5,000 and maximum loan amount is $15,000; Home Equity products require a Berkshire Bank checking account.
MyCommunity HELOAN eligible properties: 1-4 family primary residences and 1–4 family non-owner occupied properties. Financing not available on rehabilitation loans, manufactured housing, or homes currently offered for sale.
Closing Costs: The Bank pays standard fees, including up to 1% of New York State borrower mortgage tax on the first $250,000; borrower is responsible for the remaining New York State borrower mortgage tax. Non-standard third party fees that are not part of the recapture fee, when applicable, are paid by the borrower. These includes, but are not limited to: third party lender’s subordination fee, subordination recording fee, discharge recording fees, condo/HOA document fees, overnight mailing fees, title insurance, attorney fees, appraisal upgrade fee, and appraisal cost for a non-owner occupied property. If applicable, the estimated sum of all charges incurred may range from $30 to $3,000.
Recapture Fee: If the account is paid off and closed within 36 months of the Note Date, the Bank may recapture the bona fide third party charges paid by the lender in connection with the transaction. This is not a prepayment penalty. NEW YORK STATE PROPERTIES: Recapture Fee includes lender paid closing costs up to $500 together with the borrower’s percentage of mortgage tax paid by the Bank on their behalf. PROPERTIES IN OTHER STATES: Recapture Fee includes bank paid closing costs up to $500.
Homeowners insurance is required. Flood insurance may also be required. Consult your tax advisor regarding the deductibility of interest and potential tax savings. Other restrictions may apply. Offer and rates are subject to change without notice.