Credit News

Boiling Springs – Home Equity Loans, Home Equity Credit Lines, Fixed Term Loan #consolidation #loans #with #bad #credit

#home equity loans

Home Equity

Home Equity Loans

A Home Equity Loan lets you use the equity that you have built in your home to make home improvements, buy a car, pay for educational expenses, consolidate debts, pay medical bills or use for any other worthwhile purpose.

At Boiling Springs we have the Home Equity Loan that s right for you choose from a Variable Rate Credit Line or a Fixed Rate/Fixed Term Loan.

With a Home Equity Loan from Boiling Springs Savings Bank you can enjoy:

  • No Points
  • No fees or Closing Costs
  • Fixed Rate Loans available up to $750,000 with a First Lien Position*
  • Automatic Payment Deduction not required
  • Interest may be tax deductible (consult your tax advisor)
  • Friendly, personal service!

*First or Second Lien Position, up to $500,000, with a Combined Loan to Value (CLTV) of 80% and 75% CLTV for Condominiums. Loans over $500,000 up to $750,000 secured by a First Lien Position, with a Loan to Value not to exceed 75%. Payments do not include amounts for taxes and insurance premiums, which if applicable will make your payment obligation greater. Subject to credit approval. Property insurance required. Flood insurance may be required.

Your home equity loan is secured by a mortgage on your owner-occupied 1-4 family home. This offer is for Northern New Jersey homeowners only. Certain restrictions apply.

Home Equity Credit Lines

Pay only for what you use! A Home Equity Credit Line is a revolving line of credit that provides you with cash to draw on whenever you need it, for any purpose. Simply write a check for $500 or more, as you would with a regular checking account. Your interest payment is only for the money you have used. As your payments are made, the funds once again become available for your use. Your home equity line is secured by a mortgage on your primary owner-occupied 1–4 family home. The initial ANNUAL PERCENTAGE RATE is 1.990% which is “discounted”. It is not based on the index and margin used to make later rate adjustments. During the billing cycle in which the line of credit is originated and the ensuing twelve complete billing cycles of the draw period, your rate will be fixed. The rate will not increase during the introductory period. **

Fixed Rate/Fixed Term Loan

If you feel better knowing that you will have the same payment every month, then a Fixed Rate Home Equity is right for you. With a Fixed Rate Home Equity, your loan is disbursed to you at closing. Choose a term from 5 years to 30 years and enjoy the same fixed rate and monthly payment throughout the life of your loan.

If the Fixed Rate Home Equity Loan will be a First Lien then you may receive a lower interest rate and higher maximum loan amount.

** Offer is for qualified borrowers, subject to credit approval. Limited to primary owner-occupied NJ 1-4 family residences. First or Second Lien Position, up to $500,000, with a combined Loan to Value (CLTV) of 80% and 75% CLTV for Condominiums. After you have had twelve complete billing cycles at the fixed rate, we will determine the ANNUAL PERCENTAGE RATE for the remainder of the draw period and the repayment period by subtracting the margin from the index value. Thereafter, the rate will be set monthly, at the highest Prime Rate (as published on the last business day of each month in The Wall Street Journal WSJ Prime Rate ), less 1.000%, rounded to the nearest one-eighth of one percentage point (0.125%), subject to a rate floor of 3.750% and a rate ceiling of 15.000%. As of 08/07/15 the Wall Street Journal Prime Rate = 3.250%; thus the current APR is 3.750%. Payments do not include applicable taxes and insurance, which, if applicable, will make your payment obligation greater. Offer subject to change. Property insurance required. Flood insurance may be required. Interest may be tax deductible; consult with your tax advisor. Rates are subject to change without notice. Certain other restrictions may apply.

Leave a Reply

Your email address will not be published. Required fields are marked *