Mortgages and Home Equity

Financing that can help turn your dreams into reality

 



Mortgages

Our experience enables us to handle all types of transactions such as basic residential purchases, refinances, investment properties, construction loans and more.

  •  List of mortgage products include: Fixed, adjustable and jumbo loan amounts 
  •  Some loans can be done with low down payments 
  •  Visit your local branch  to find out more information about this new product 
  •  Fill out the contact form below so we can reach out to you

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Home Equity Loans & Lines of Credit

 

  •  Let your home work for you, providing funds for vacation, home improvement and more!
  •  Fixed and variable rates are available with competitive terms and conditions
  •  Visit your local branch or see below to find out more information about this product

 

Home Equity Line of Credit

    • Variable rate loan; 25 year loan term
    • Fixed introductory Annual Percentage Rate (“APR”) for the first 12 months following closing.  Introductory APR is not based on the index or margin used for adjustments in the remainder of the 25-year loan term.  The 12 month introductory APR is based on the applicant’s credit score, as follows:
      • 2.95% Introductory APR for applicants with a credit score of 720 and above
      • 3.95% Introductory APR for applicants with a credit score of 719 and below
      • On joint applications, the lowest of the two credit scores is utilized to determine the rate
    • After first 12 months, APR may vary and will be based on the Wall Street Journal Prime rate as published on the last business day of the month (“Prime”).  The APR rate after the first 12 months is based on the applicant’s credit score, as follows:
      • Prime for applicants with a credit score of 720 and above.  Based on the current Prime Rate (as of 6/6/14), the APR would be 3.25%
      • Prime plus 100 bps for applicants with credit scores of 719 and below.  Based on the current Prime Rate (as of 6/6/14), the APR would be 4.25%
      • On joint applications, the lowest of the two credit scores is utilized to determine the rate
      • Prime rate adjusts on a monthly basis. 
      • Max rate cap = 18.00%
    • Line of credit available from $25,000 to $250,000 for owner occupied homes or condos only (excludes co-ops).  Line of credit draws are available for the first 10 years by writing a check (minimum of $500).
    • You will be billed for interest only during the first 10 years; however, you may repay principal at any time.  Payments for the 11th-25th year is based on an amortization of the balance over 15 years and will include principal and interest.
    • Maximum CLTV Requirements:
      • 80% of appraised value for Primary Residence up to $250,000.00
      • 70% of appraised value for Secondary or Vacation homes up to $250,000.00 (Bank must be in a first lien position for these dwelling types)
      • 70% of appraised value for Primary Residence from $250,001 up to $750,000 (Bank must be in a first lien position for the jumbo HELOC product type)
    • $250 application fee, refunded at closing only if the line of credit is approved and closed.
    • $25.00 over limit fee.
    • There is a late charge of two percent (2%) of the monthly payment amount for each payment that is more than fifteen (15) days past due.
    • No annual fee.
    • No closing costs with a minimum advance of 25% of the total commitment amount at closing, with the same average balance outstanding for the first 36 months of the loan is needed to qualify for no closing costs.  If the loan is terminated within three (3) years of closing or if the minimum balance is not maintained during the first (3) years, the borrower(s) will be obligated to refund the Bank’s actual closing costs.  These closing costs range from $2,000 to $16,000 depending on the amount of the loan.  Closing costs include but are not limited to appraisal fee, credit report fee, flood certification, title search and/or policy, recording fee, and mortgage recording tax.
    • Loans are subject to credit approval and secured by a mortgage lien on a home.
    • Property insurance is required; flood insurance may be required.
    • Interest may be tax deductible. Consult your tax advisor.
    • Offer may be withdrawn at any time.