Loans

  • Home Equity Line of Credit

    Home Equity Line of Credit

    2.95% Interest Rate -- 2.99%APR*

    • Product has an initial fixed rate of 2.95% for a period of six months
    • After six months, the rate will adjust monthly based an index plus a 1% margin
    • The index used will be the prime rate as published in the Wall Street Journal and was 3.25% as of May 1, 2014
    • Maximum APR* 18.00%
    • Maximum loan to appraised value ratio is 80%
    • No loan origination fee
    • Limited to primary residence or second/vacation home
    • Loan must close by August 29, 2014
    • Approval subject to bank underwriting guidelines

    *Annual Percentage Rate

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  • Construction Loans

    Construction Loans

    2.95% Interest Rate -- 5.20%APR*

    • Maximum loan term 12 months
    • Maximum loan to appraised value ratio is 80%
    • Applies to construction of primary residence only
    • Loan origination fee based upon 1% of loan amount
    • Loan must close by August 29, 2014
    • Approval subject to bank underwriting guidelines.

    *Annual Percentage Rate.

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  • Real Estate Purchase Transaction

    Real Estate Purchase Transaction

    2.95% Interest Rate -- 4.03% APR*

    • Product has an initial fixed rate of 2.95% for a period of 24 months
    • After 24 months, the rate will adjust annually based on an index plus a 0.50% margin
    • The index used will be the prime rate as published in the Wall Street Journal and was 3.25% as of May 1, 2014
    • Minimum interest rate is 4.00% after the initial fixed rate period; maximum interest rate over the life of the loan is 18.00%
    • For example, on a $100,000 loan with a 30 year term and an initial interest rate of 2.95%, the amount financed is $100,002.60 with a total finance charge of $73,319.77 and total of payments equal to $173,322.37. There would be 24 payments of $428.19 followed by 335 payments with a maximum potential payment amount of $1,421.55. Payment does not include amounts for taxes and insurance. The actual payment obligation may be greater.
    • Maximum loan to appraised value ratio is 80%
    • Limited to purchase transactions for primary residence, unimproved tracts of 5 acres or less and commercial real estate
    • Maximum loan term for primary residence is 30 years
    • Maximum loan term for all other applicable loans is 20 years
    • Loan must close by August 29, 2014
    • Approval subject to bank underwriting guidelines

    *Annual Percentage Rate

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