Mortgage & Loans
We won't judge you by the size of your piggy bank. When it comes to buying a home, a car, or even paying for student tuition, getting a loan with knowledgeable, local service and great rates can make the difference between major stress and major excitement.
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Speak to one of our Residential Lending representatives.
Our Lending Options
Personal Loans
Enjoy flexible repayment options as we offer exclusive resources (3, 5, or 7-year fixed-rate term loans from $7,000 - $50,000 for MA and $5,000 - $50,000 for NH) to ensure a great experience from application to repayment. Track your progress with our easy-to-use repayment dashboard, get closer to your set pay-off date (with no prepayment penalties), and receive live support seven days a week using the Online Help Center. It's personal service with you in mind.
Fixed Rate Mortgages
A fixed-rate mortgage means your monthly principal and interest payments will stay the same for the life of your loan. A longer-term loan allows for lower monthly payments. With a shorter-term loan, you can repay your loan twice as fast, and save more than half of the total interest costs. Either way, you can count on local services from RCB for the life of your loan. Promise.
Adjustable Rate Mortgages
An adjustable-rate mortgage (ARM) might make sense for you if you're only planning to stay in your home only for a short time or if you think your income will increase in the future. With this type of mortgage you can get a lower interest rate and lower payment at the beginning of the loan. The interest rate is fixed for a specific period of time.
Home Equity Loans & Lines of Credit (HELOC)
Our home equity loans and home equity lines of credit (HELOC) are a great way to use the value of your home to do things like make home improvements, take care of unexpected expenses, consolidate debt, or pay for a large expense like college tuition or a new car.
Auto & Consumer Loans
Buying some new wheels? Need to pay off some debt or make a major purchase? RCB offers auto loans for new and used car purchases as well as consumer loans, both with competitive rates and quick approvals for minimal hassle. Let us help you find a loan that works for you.
Once you have completed the application, please email a copy to mortgages@readingcoop.com.
Student Loans
At RCB, we believe in helping make education more accessible for our customers. If you need a Student Loan to help with the cost of college tuition, RCB can help. See if a CB Student HELP Smart Option Student Loan® by Sallie Mae® is right for you.
Fixed & Adjustable Mortgage Rates
Today's Rates
For important loan information and rate disclosures, please click on the red APR rate.
personalized quoteHome Equity Line of Credit
Home Equity Line of Credit (HELOC) | 8.00%1 |
Minimum loan amount is $25,000 10 Year Draw - 15 Year Repayment - 25 Year Term |
1Variable APR (Annual Percentage Rate) based on the Prime Rate as published in the Wall Street Journal (currently 8.00%). Rate is as of 9/19/2024. Rates are subject to change. Maximum APR is 18.00%. An initial draw of $25,000 is required to be made at closing and remain outstanding for 90-days. The initial draw excludes any payoff to an existing loan with Reading Cooperative Bank. Interest only payments for initial 10 years, with an additional 15 years payback of principal & interest. Maximum LTV is 80%. Rate and terms may vary based upon credit history. Not available for homes currently for sale or intended to be sold. Subject to credit approval. 1-4 family, owner occupied primary residences, and condominiums qualify. Property insurance required. Flood insurance may be required. Consult a tax advisor for information regarding the deductibility of interest and charges. To open, maintain and discharge a line of credit, you may have to pay certain fees. These fees generally total between $0 and $750.00. During the life of the program, you will be assessed an annual fee of $50.00 on the last business day of the billing cycle, following the anniversary date of the loan. An early termination fee of $500.00 applies for lines closed within thirty-six (36) months from date of closing.
2For loan amounts up to $100,000, your debt to income ratio cannot exceed 45%, and you will need a minimum mid Fico Score of 620.
3For loan amounts more than $100,000 and up to $250,000, your debt to income ration cannot exceed 40%, and you will need a minimum mid Fico Score of 680.
4Depending on your loan to value, debit to income ratio, and credit score, you may qualify for a higher loan amount. Please speak to a loan officer for more details.
Conversion to a Fixed Rate, Fixed Term – Conversion to fixed term options are available 90 days after closing. Prior to the Repayment Period, you may elect from time to time (but in no event more than two separate times) to convert all or part of the outstanding principal balance of your Equity Line to a fixed rate utilizing our “Fixed Rate, Fixed Term Option”. You may do so by delivering to us our Conversion Election Form signed by you in which you set forth the dollar amount of the converted portion, which in no event may be less than Ten Thousand Dollars ($10,000), the number of months between 60 - 240, in which you wish to repay the Converted Portion on a direct amortization basis and your election to convert all or a portion of your outstanding balance to a Converted Portion. Each “Fixed Rate, Fixed Term” would be evidenced by a separate “Fixed Rate, Fixed Term Option” Addendum, and your credit limit would be reduced by the original principal amount of each “Fixed Rate, Fixed Term Option”. Any principal repaid on the Installment Loans will increase the available credit for future advances. The maturity date of the “Fixed Rate, Fixed Term” would be established as of the date the “Fixed Rate, Fixed Term Option” Addendum is signed evidencing such change, provided however, that in no event shall the maturity date of the Addendum exceed the Maturity Date of the Mortgage. The Fixed interest rate will be based on the current rates for Reading Cooperative Bank's Fixed Rate Home Equity Loan product at the time the Conversion Election Option is executed. Please ask about our current rates. The availability of this Conversion Option will terminate at the end of the Draw Period. Each “Fixed Rate, Fixed Term Option” Addendum will be secured by, and be subject to, the terms and conditions of the existing home Equity Line of Credit Agreement and Disclosure Statement.
Minimum Payment Requirements – You can obtain advances of credit for 10 years (the “draw period”). During the draw period, payments will be due monthly. Your minimum monthly payment will equal all accrued interest as of the closing date of the billing cycle, plus any amounts past due.
Interest Only Payments - Your minimum monthly payment during the draw period will not reduce the amount of principal outstanding on this line of credit.
After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 15 years (the “repayment period”). During the repayment period, payments will be due monthly. Your minimum monthly payment will equal 1/180th of the principal balance that was outstanding at the end of the draw period plus the interest that has accrued on the remaining balance. During the repayment period the annual percentage rate will continue to adjust monthly.
Home Equity Loan Rates
1APR (Annual Percentage Rate) - is the annual rate that is charged for borrowing, expressed as a single percentage number that represents the actual yearly costs of funds over the term of the loan. This includes any fees or additional costs associated with the transaction.
2For loan amounts up to $100,000, your debt to income ratio cannot exceed 45%, and you will need a minimum mid Fico Score of 620.
3For loan amounts more than $100,000 and up to $250,000, your debt to income ration cannot exceed 40%, and you will need a minimum mid Fico Score of 680.
4Depending on your loan to value, debit to income ratio, and credit score, you may qualify for a higher loan amount. Please speak to a loan officer for more details.
Rates and terms are effective as of 09/24/2024 and are subject to change at any time without notice.
Auto & Personal Loans
Auto Loans - New1 or Used2
New Cars With Model Year 2024
Term | APR* | Payment Per $1000 |
Up to 48 Months | 7.25% | $24.06 |
Up to 60 Months | 8.00% | $20.27 |
Up to 72 Months | 8.75% | $17.91 |
Used Cars With Model Years 2019 - 2023 | ||
Term | APR* | Payment Per $1000 |
Up to 36 Months | 8.75% | $31.68 |
Up to 48 Months | 9.50% | $25.12 |
Recreational Vehicles - New1 or Used2 | ||
Term | APR* | Payment Per $1000 |
Up to 36 Months (max) | 11.00% | $32.74 |
Personal Loans - On Demand | ||
Term | Fixed APR* | Payment Per $1000 |
Revolving Line of Credit | 15.00% | N/A |
Term Loan3 36-month (max)4 | 15.00% | $34.67 |
Passbook Collateral Loans | ||
Secured By | APR* | |
Certificate of Deposit5 | Rate on CD Passbook Account Plus 4.00% | |
Passbook Savings Account5 | Rate on Passbook Savings Account Plus 2.00% |
*APR = Annual Percentage Rate
1New vehicles - maximum of 95% of Purchase Price (must have less than 6,000 miles and be titled). Loans up to $50,000, max term 6 years for new cars (2024 model year).
2Used vehicles - maximum of 80% of Purchase Price or NADA blue book value, whichever is less (autos with model years not older than 5 years - currently 2019).
3Loan is fully amortizing.
4Minimum Loan Amount $500. Maximum loan amount $10,000.
5Finance up to 95% of Account Balance - Account must be at RCB.
Rates and terms are effective as of 10/17/2023 and are subject to change at any time without notice.
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