Greater Hudson Bank is now able to fulfill your residential mortgage needs. Our experience enables us to fund all types of transactions such as basic residential purchases, refinances, investment properties, construction loans and more. We offer a wide array of mortgage products, competitive rates and a very talented residential mortgage loan originator dedicated to helping you from start to finish.
Home Equity Line of Credit
New business only
Disclosure: This is a variable rate loan; however the 2.95% Annual Percentage Rate (“APR”) is a fixed introductory APR that will be in effect for the first 12 months following closing. This introductory APR is not based on the index or margin used for adjustments in the remainder of the 25-year loan term. After the first 12 months, the APR may vary and will be equal to the Wall Street Journal Prime Rate, as published on the last business day of the month (the “index”). Based on the current Prime Rate (as of 7/22/13), the APR would be 3.25%. Maximum rate cap is 18.00%. $250 application fee will be refunded at closing only if the credit line is approved and closed. $25.00 overlimit fee. Credit lines from $10,000 to $250,000 are available for owner occupied homes and condominiums only. The credit line is available for the first 10 years by writing a check or transferring online (minimum $500). You will be billed for interest only during the first 10 years; however, you may repay principal at any time. Payments from the 11th through the 25th year will include principal and interest. Repayment is based on an amortization of balance. Loans are subject to credit approval and are secured by a mortgage lien on your home. A $10,000 advance at closing is needed to qualify for no closing costs. If the loan is terminated within three (3) years of closing, the borrower will be obligated to refund the Bank’s actual closing costs. (These closing costs range from $500 to $6,750 depending on the amount of the loan.) Payments must be auto-deducted from a free Greater Hudson Generations Gold checking account. If a checking account is not maintained, the APR may be increased by .25% over the current index, regardless of whether funds are advanced or not. Interest may be tax deductible. Consult your tax advisor. New business only. Offer is subject to credit approval. Offer may be withdrawn at any time.