Equity Loans
Home Equity Loans
Home Equity Loans may be requested on primary and secondary homes for any worthwhile purpose and on rental/investment homes at a higher rate. Except for home improvements, equity loans may not exceed 75% of the estimated property value less any first mortgage. Add 1/2 of 1% to the equity loan interest rate for rental/investment homes.
Rate includes a 1/4% reduction for auto payment from a checking account with Manasquan Savings Bank.
| Line of Credit | Interest Rate | Estimated APR |
| 5 year* (fixed) | 5.750% | 5.750% |
| 10 year* (adjustable) | 4.000% **Prime Rate Thereafter Floor: 4.000% Ceiling: 12.000% |
4.000% **Prime Rate Thereafter |
* Open-ended Revolving Credit Line Draw Period. After the draw period the loan is subject to review and renewal. **Wall St Journal Prime Rate 3.25%
Minimum Loan Amount: $10,000
Maximum Loan Amount: $750,000
Monthly Payment will be the greater of 1/180th of Principal or $50.00 plus interest.
Interest will be calculated on the average daily balance. After the initial draw period, the loan is subject to review and renewal.
**The interest rate on the adjustable credit line is subject to change monthly to the Wall Street Journal Prime Rate as of the15th day of the prior month. Monthly payment will be: Larger of 1/180th of principal or $50, plus interest. Adjustable rate payment option: Interest Only. Interest calculated on average daily balance.
Rate includes a 1/4% reduction for auto payment from a checking account with Manasquan Savings Bank.
| Fixed Rate Equity | ||||
|
1st Lien APR
|
2nd Lien APR | Term | ||
| 4.000% | 4.500% | Up to 60 months | ||
| 5.000% | 5.500% | 61 to 120 months | ||
| 5.000% | 5.500% | 121 to 180 months | ||
| 5.000% | 5.500% | 181 to 240 months | ||
Minimum Loan Amount: $5,000
Maximum Loan Amount: $750,000
Processing Fee: $0
