All offices and departments of The Milford Bank will be closed on Monday, January 20th in observance of Martin Luther King, Jr. Day. Electronic Services are available 24/7 for your convenience.

Home Equity and Consumer Loan Rates

Always there for you

Home Equity and Consumer Loan Rates

Please REFRESH this page each time you visit to be sure you have the latest information.

January 14, 2025

HOME EQUITY TERM LOANS
2nd MORTGAGE POSITION

Repayment example based on minimum loan amount

Loan Type	Annual Percentage Rate	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
Fixed	5.000%	5 years	$10,000	$500,000	80%	60 monthly payments of $188.72
Fixed	6.000%	10 years	$15,000	$500,000	80%	120 monthly payments of $166.53
Fixed	6.750%	15 years	$20,000	$500,000	80%	180 monthly payments of $176.99
Fixed	7.500%	20 years	$25,000	$500,000	80%	240 monthly payments of $201.40

HOME EQUITY LOANS
INVESTMENT PROPERTIES (1st lien only)

Repayment example based on $25,000 loan amount

Loan Type	Annual Percentage Rate	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
Fixed	8.75%	12 years	$25,000	$250,000	60%	144 monthly payments of $281.00

HOME EQUITY LINE OF CREDIT

Repayment example based on $25,000 loan balance

Loan Type	Annual Percentage Rate*	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
First Mortgage HELD by Milford Bank	Prime Rate minus 0.75% 6.75% APR	29 years & 6 months	$25,000	$500,000	80%	CREDIT LINE PHASE 114 months interest only -$140.63 REPAYMENT PHASE 240 months principal and interest - $244.80
First Mortgage NOT HELD by Milford Bank	Prime Rate minus 0.75% 6.75% APR	29 years & 6 months	$25,000	$500,000	75%	CREDIT LINE PHASE 114 months interest only - $140.63 REPAYMENT PHASE 240 months principal and interest - $244.80

*Prime Rate minus the margin of 0.750% results in an initial APR of 6.75%. The Annual Percentage Rate (APR) is adjustable and may change monthly based on the Prime Rate published in the Wall Street Journal, Eastern Edition, plus or minus a margin. As of November 19, 2024, Prime Rate equaled 7.50%.

There is an APR cap of 18.000% and an APR floor of 3.750%. A penalty applies equal to 1% of the credit line amount should the line be paid in full and closed during the first two years. There is no $50.00 annual fee at this time.

HOME EQUITY LINE OF CREDIT INVESTMENT PROPERTIES (1st lien only)

Repayment example based on $25,000 loan balance

Loan Type	Annual Percentage Rate*	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
First Lien Position	Prime Rate plus 2.500% 10.00 % APR*	29 years & 6 months	$25,000	$500,000	65%	CREDIT LINE PHASE 114 months in $208.34 REPAYMENT PHASE 240 months principal and interest - $312.51

*Prime Rate plus the margin of 2.500% results in an initial APR of 10.00%. There is an APR cap of 18.000% and an APR floor of 3.750%. A penalty applies equal to 1% of the credit line amount should the line be paid in full and closed during the first two years. A fee of $50.00 is payable at the first billing cycle and annually thereafter during the Credit Line Phase.

COLLATERAL LOANS

Repayment example based on $5,000, 6.50% margin , and 1 year term

Loan Type	Annual Percentage Rate	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
TMB Passbook or Certificate of Deposit	Dep. Rate plus 6.50%	5 years up to Maturity of Collateral	$5,000	NONE	90%	Variable. As an example, if your deposit rate is 1%, when the highest margin of 6.50% is used, the monthly payment is $433.79
	Dep. Rate plus 5.00%	5 years up to Maturity of Collateral	$20,000	NONE	90%
	Dep. Rate plus 3.50%	5 years up to Maturity of Collateral	$75,000	NONE	90%
Common Stock	NA	DEMAND	$25,000	NONE	60%	NA

OVERDRAFT PROTECTION

Loan Type	Annual Percentage Rate	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
(Currently Capped at 18%)	Prime Rate plus 10.0% 17.50% APR	Revolving	$500	$2,500	N/A	Interest only $7.30 per month on $500. $25.00 Annual fee

*Prime Rate plus the margin of 10.0% results in an initial capped APR of 17.50%. The Annual Percentage Rate (APR) is adjustable and may change monthly based on the Prime Rate published in the Wall Street Journal, Eastern Edition, plus or minus a margin. As of November 19, Prime Rate equaled 7.80%. A fee of $25.00 is payable at the first billing cycle and annually thereafter during the Credit Agreement Phase.

PERSONAL LOANS

Repayment example based on $2,500 loan amount

Loan Type	Annual Percentage Rate	Term	Minimum Amount	Maximum Amount	LTV	Repayment Examples
Fixed	18.000%	3 years	$2,500	$5,000	N/A	36 monthly payments of $90.51