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Equity Loans
Property must be located in Monmouth or Ocean County, New Jersey.
Home Equity Credit Lines
Fixed Rate Equity
On Line Loan Application
Loan Calculator
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No application fee! No charges for credit report, flood search or title search.
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| 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. |
1/4
of 1% will be added to the listed interest rate if payment
is not automatically debited from the borower's checking
account at this 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%
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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
Credit Line: $10,000 |
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. |
1/4
of 1% will be added to the listed interest rate if payment
is not automatically debited from the borower's checking
account at this bank.
| Fixed Rate Equity |
| Interest Rate |
Estimated APR |
Term |
| 5.500% |
5.500% |
Up to 60 Months |
| 5.750% |
5.750% |
61 to 120 Months |
| 5.875% |
5.875% |
121 to 180 Months |
| 6.125% |
6.125% |
181 to 240 Months |
Minimum
Loan Amount: $5,000
Processing Fee: $0 |
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