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Prime Plus

The Peoples Federal Savings Bank “Prime Plus” loan is a Home Equity Line of Credit (HELOC).  The loan is a revolving line of credit that allows you to use the equity in your home to borrow money from the bank, without filling out a new application for every advance request.  The loan is secured by a mortgage (generally a second mortgage) on the principal residence of the borrower.  The monthly repayment is based upon the amount of the line that has been advanced and is still outstanding.  In many instances, you can receive a tax advantage based upon the interest that has been paid on the loan, but that is not always the case, so you should consult with your tax advisor for clarification based upon your personal situation.