20 Ashburton Place, Boston, MA 02108
Tel: 800.336.0990 • Fax: 617.557.6687
No dues dollars are
ever used to market MTA
Editor: Elizabeth A. Bejoian
The MTA Advantage is published three times a year as
a supplement to MTA Today by MTA Benefits, Inc.
“With increasing home values, an expanding
economy and mortgage interest rates at
near-record lows, home equity borrowing is on
the rise,” said Ryan Shorette, vice president and
eastern regional manager at Berkshire Bank.
“During the past two years, Berkshire Bank has
increased home equity production by 57 percent.”
Whether you need a loan for a large purchase or
you just want to have a secure line of credit for
emergencies, put the collateral in your home to
work for you. “A Berkshire Bank home equity loan
or line offers affordable interest rates,” Shorette
said. “MTA members also receive special
savings and services available only to them.”
Home equity line of credit
Whether for home improvements or repairs, a
dream vacation or a major purchase, or if you
have education expenses or you’re seeking debt
consolidation, a home equity line may be right for
you. With a home equity line, the borrower pays
interest only on money that is used. Monthly
payments are based on the amount borrowed
and current interest rate. Berkshire Bank’s home
equity line of credit offers a 10-year period
in which to make withdrawals followed by a
10-year repayment period.
Home equity loan
A fixed-rate home equity loan provides a single
lump-sum disbursement of funds to the borrower
that is repaid over a specified period of time. The
payment and interest rate remain fixed over the
life of the loan.
Both fixed-rate and line-of-credit home equity
loans may offer potential tax benefits. Consult
a tax adviser for details. MTA member-only benefits
Berkshire Bank offers special savings to MTA
members who take out home equity loans. There
are no application or closing fees, and there is a
waiver of the annual fee for a home equity line
of credit. This can add up to hundreds of dollars
in savings. The 0.25 percent discount on a home
equity loan results in an even greater benefit. For
example, on a $100,000 loan, an MTA member
might save $2,400 over a 10-year period.
MTA members start their relationship with
Berkshire Bank with a free Elite Checking
account and a free concierge service known as
“My Banker.” The service provides 24-hour access
to a specialized MTA banking representative who
can respond to member questions.
“We are committed to giving MTA members the
best products, services and savings,” said Shorette.
The loan process
Typically, Berkshire Bank can be ready to close on
a home equity loan or line within four weeks of
receiving a completed application and all required
documents. Loans range from $15,000 to $250,000.
Eligible properties are one- to four-family homes,
condos and second or vacation homes that
are owner-occupied. Investment properties or
non-occupied properties are not eligible.
What is the best time to apply?
“MTA members considering a home equity loan or
line should act on it now while rates are still near
historic lows,” Shorette advises.
MTA members can apply for a home equity
loan in person at any Berkshire Bank office,
by visiting berkshirebank.com or by calling
The gift of reading
Summer is coming, and
so is some well-deserved
leisure time. That can mean
catching up on all your
reading. If magazines are
your publication of choice,
check out the MTA Magazine
Service. There are hundreds of
titles to choose from, and they are
all offered at a discount. Look at these savings off the cover prices:
Boston Magazine – 12 issues for $7.95, a savings of 87 percent
Time – 52 issues for $29.95, a savings of 88 percent
Sports Illustrated – 56 issues for $39.95, a savings of 86 percent
In addition to low prices, the MTA Magazine Service offers a Triple
Guarantee — savings, quality and service. This includes a guarantee
that if you find a lower publisher-approved price elsewhere, the
difference will be refunded to you.
Did you know that each MTA member also gets a free subscription?
Harper’s, Instructor, Kiplinger’s Personal Finance, Discover and Weight
Watchers are just some of the titles offered free for one year. In order to
claim your free title, you must be registered on MTAB’s website. Register
or log in at mtabenefits.com and click on “special offers.”
The magazines aren’t only for adults. The Magazine Service offers
nearly 100 children’s and teen magazines — with themes ranging
from education to entertainment. National Geographic Kids,
Highlights, Zootles and American Girl are among the titles. There’s
something for everyone. Magazines make great gifts, too! The next
time you renew a magazine subscription, make sure you do it through
the MTA Magazine Service. Even if you’ve ordered directly from the
publisher in the past, you can renew through the MTA program.
Go directly to www.MTAMagazineService.com or call 800.231.7022.