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Home Equity Loans

Home Equity Line of Credit

It's a good time to apply for a home equity line with low rates and no closing costs*. Plus, the $50 annual fee is waived each year for MTA members and their immediate families for the life of the home equity loan.

  • Make home improvements
  • Consolidate your debt
  • Fund an important purchase
  • Help pay for major expenses

​To learn more about the MTA HELOC Program, contact Paul Gershkowitz at 866.475.4663 or

Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. Loan approval is subject to underwriting criteria and subject to credit approval.
Equity Line of Credit: Products are subject to underwriting and credit approval. Berkshire Bank Institution NMLS Registry Number – 506896. The minimum loan amount is $15,000 and maximum loan amount is $400,000. The Home Equity Line of Credit is a 20-year line of credit which consists of a 10-year draw period with interest-only monthly payments followed by a 10-year principal and interest repayment period. Annual Percentage Rate (APR) is a variable rate and based on the Index plus the margin. The Index is the Prime Rate as found in the Money Rate section of The Wall Street Journal and is floating during the life of the loan. The minimum APR will never go below 3.25% and will never exceed 18.00%. The annual fee of $50 will be waived for MTA members for the life of the loan; a minimum advance fee of $15 is charged for advances of less than $250; a stop-payment fee of $25; and a return check charge of $25. If the loan is paid in full within the first 36 months, 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. The Bank pays all standard closing fees for loans $250,000 or less.
*For loans exceeding $250,000, the customer pays the cost of NYS mortgage tax on the loan amount exceeding $250,000. For loans exceeding $400,000, the customer pays the cost of lender’s title insurance, attorney fee over $250, and the portion of the NYS mortgage tax on the loan amount exceeding $250,000. Non-standard third party charges are paid by the customer which include (if applicable): third party lender’s subordination fee, subordination recording fees, condo/HOA document fees, overnight mailing fees, appraisal upgrade fee, title insurance (if required), and attorney fees over $250. If applicable, the estimated sum of all charges incurred may range from $1,617 to $2,750. Other restrictions may apply. First or second lien on 1-4 family owner-occupied residences and qualified second homes only. Offer does not apply to non-owner occupied properties, rehabilitation loans, manufactured housing or homes currently offered for sale. Homeowners insurance is required. Flood insurance may be required. Offer subject to change without notice. Interest may be tax deductible. Check with your tax advisor. Berkshire Bank has a financial relationship with MTAB to offer products and services to MTA members and their families.

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