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Listed below are our current home equity loan rates for one to four family owner-occupied dwellings. These rates are subject to change. |
| FIXED RATE HOME EQUITY LOAN |
| TERM |
Interest Rate |
APR* |
Monthly Payment Per $1,000 |
| 5 Years |
3.500% |
3.500% |
$18.18 |
| 7 Years |
3.750% |
3.750% |
$13.54 |
| 10 Years |
3.875% |
3.875% |
$10.06 |
| 15 Years |
4.125% |
4.125% |
$7.45 |
| 20 Years |
4.500% |
4.500% |
$6.32 |
| 30 Years |
5.000% |
5.000% |
$5.36 |
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- Up to $500,000 for loans with a first or second lien position - Maximum 80% CLTV** and 75% CLTV** for Condiminiums.
- Loans over $500,000 up to $750,000 secured by a first lien position - Maximum 75% LTV***
- The minimum loan for terms over 180 months is set at $25,000.00
- Limited to Owner-occupied NJ 1-4 family residences
- NO APPLICATION OR CLOSING FEES
* Annual Percentage Rate **CLTV = combined loan to value ***LTV = loan to value
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HOME EQUITY LINES OF CREDIT |
| This is a variable rate account. The rate will be set on the 1st of each month at the highest Prime Rate published in the Wall Street Journal (WSJ) on the last business day of the previous month, minus 1.00%, adjustable monthly until maturity, unless subject to Maximum or Minimum APR noted below. As of the above rates effective date, the Wall Street Journal Prime Rate = 3.250%. Thus the current APR is 3.750 %
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- 15.00% Maximum APR/3.75% Minimum APR
- 10 year Draw Period/20 year Repayment Period (30 year maturity)
- Maximum 80% CLTV** and 75% CLTV** for Condominiums.
- Limited to Owner-occupied NJ 1-4 family residences
- Monthly payments will be equal to the greater of $100.00 or 1/240th of the outstanding principal balance at the end of the billing cycle, plus accrued interest. A balloon payment may result at the end of the term.
- A checkbook will be issued approximately one week following closing.
- An Early Termination Fee of $500 will be charged if the account is paid in full and closed within 18 months of origination.
- NO APPLICATION OR CLOSING FEES
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| Contact: CONSUMER LOAN DEPT., 25 Orient Way, Rutherford, NJ 07070 |
| Phone: 201-507-3200 Fax: 201-635-9775 |