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Spencer Savings Bank, Steadfast through turbulent times.

1-800-363-8115

Whether you want to make home improvements, purchase a new car, consolidate debt, finance your child's education or want to plan well-deserved vacation, Spencer has the right loan for you. We offer a variety of suitable options to allow you to use your equity to meet your personal goals. We will take the time to get to know you and your needs to find the perfect loan option for you.

Home Equity Line of Credit

Rates as of 04/01/14
Loan Type Rate Calculation APR
SpencerFlex Line of Credit -
Owner Occupied
Prime Minus .75% 2.50% APR*
SpencerFlex Line of Credit -
Investment Property
Prime PLUS 1.00% 6.00%**APR
*New customers only. APR=Annual Percentage Rate. Property must be an owner-occupied 1-4 family home in New Jersey. Application Fees as follows: Lines up to $150,000: $150 (which will be waived for first time Spencer Home Equity Line applicants),Lines above $150,000 up to $249,999: $225(1 family),$450(2-4 family),Lines of $250,000 or more: $300**(1 family),$450(2-4 family);**however, if the line is secured by a property in excess of 2,800 square feet a fee of $500 will be charged. Commitment Fee of $150 (waived if at least $25,000 is drawn at closing to pay creditors other than Spencer Savings). Conversion Fee of $75 ($125 in the first year). Early Termination Fee if line is closed within the first 24 months: $300 (lines up to $100,000) or $500 (lines above $100,000). As of 01/31/2013 the Prime Rate as published in the Wall Street Journal was 3.25% resulting in a Rate of 2.50%. There is a Maximum Rate of 13.990% and a Floor Rate of 2.50%. Property Insurance required. Flood Insurance may be required. Rates and terms are subject to change without notice. All loans are subject to credit approval.

Fixed Home Equity Loans

Rates as of 04/01/2014
Owner Occupied Loan Type Owner Occupied APR Cost Per $1,000 Borrowed
5 Year Fixed* 2.990% $17.96
7 Year Fixed* 2.990% $13.21
10 Year Fixed* 3.250% $9.77
15 Year Fixed* 3.700% $7.25
20 Year Fixed* 4.100% $6.11
30 Year Fixed* 4.750% $5.22
30 Year Fixed First Lien* 4.500% $5.07
Investment Loan Type Investment APR Cost Per $1,000 Borrowed
5 Year Fixed** 6.125% $19.39
7 Year Fixed** 6.250% $14.72
10 Year Fixed** 6.250% $11.23
15 Year Fixed** 6.375% $8.64
*APR = Annual Percentage Rate. Application Fees as follows: Loans of $150,000 or less which are previous Spencer applicants within the past 12 months or a Spencer refinance: $100, Loans above $150,000 up to $249,999: $225 (1 family), $450 (2-4 family); Loans of $250,000 or more: $300*(1 family), $450(2-4 family); *however, if the loan is secured by a property in excess of 2,800 square feet a fee of $500 will be charged. Commitment Fee of $150 will be charged on all loans. Property Insurance required. Flood Insurance may be required. Payments shown do not include applicable taxes and insurance. Rates are subject to change without notice. All loans are subject to credit approval. **APR=Annual Percentage Rate. Investment property must be located in New Jersey. Application Fees as follows: Loans and Lines up to $100,000: $300 (1 family), $400 (2-4 family), Loans and Lines above $100,000: $400* (1 family), $500 (2-4 family); *however, if the loan or line is $250,000 or more and secured by a property in excess of 2,800 square feet a fee of $500 will be charged. Commitment Fee of $150 will be charged on all loans. Flood Insurance may be required. Payments shown do not include applicable taxes and insurance. Rates are subject to change without notice. **There is a maximum rate of 13.990% and a floor rate of 6.00%. The rate is the prime rate as published in the Wall Street Journal on the last business day of the month as of 01/31/2014. The prime was 3.25% resulting in the floor rate of 6.00%. All loans are subject to credit approval.

Want More Information From Spencer Savings Bank?


Please provide Spencer Savings Bank with more information regarding the type of home equity loan or line you need, and you will be contacted by one of our home equity experts

* Denotes required information.

Name *
Home/eve phone *
Business/day phone
Your email *
Best time to call*
Where is the property you want to finance?* County
  State
Your annual household income:*
Loan amount requested:*
Value of home:*
Mortgage Balance:*
Which type of loan are you interested in?*
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