No Closing Cost Home Equity Line Of Credit Disclosure Information
All rates in this advertisement are subject to change without notice. Maximum loan is limited to 80% of appraised value less consideration of first mortgage. If a first mortgage is in place it must be an institutional loan. An existing Home Equity Line of Credit may be modified and extended one time only. In no event will any advances be made under a Line of Credit beyond the maximum 20 year term from the date of the original mortgage. Any change will be subject to a modification fee of 1.00% of the total Line amount or a minimum fee of $500.00 to be paid by the borrower prior to or at modification.
No Closing Costs simply means the customer is not charged for many of the “closing costs” of the mortgage. Closing costs range from $615.00 to $2,500.00, but are waived. Closing costs may include fees such as abstract update, non-escrow, credit report, appraisal, attorney and other expenses that are non-recurring (one time) charges at the beginning of the loan process. However, property without a first mortgage is eligible, but title insurance, survey and attorney fees are required at the expense of the borrower. The mortgage loan account must be kept open for a minimum of 3 years to avoid paying closing costs paid to third party vendors on borrower’s behalf.
After the 3 year introductory period, the Interest Rate will adjust based on the index of the prime rate, as published in the Wall Street Journal, plus the margin that was established at the original loan closing. The adjusted rate will not exceed the maximum cap of 14.90% or the minimum floor of 3.99%.
Promotional Discounted Rate With Deposit Account Relationship
3.49% APR (Annual Percentage Rate) is a promotional discounted interest rate fixed for the first three years, then adjusting to a variable Prime Interest Rate + 0% thereafter (repriced monthly as Prime changes) on borrowed amounts of $15,000.00 (minimum loan amount) to $300,000.00 (maximum loan amount). 3.49% is the interest rate with a new or existing WSB depository account.
Promotional Discounted Rate Without Deposit Account Relationship
3.99% APR (Annual Percentage Rate) is a promotional discounted interest rate fixed for the first three years, then adjusting to a variable Prime Interest Rate + 0% thereafter (repriced monthly as Prime changes) on borrowed amounts of $15,000.00 (minimum loan amount) to $300,000.00 (maximum loan amount). 3.99% is the interest rate with no WSB account relationship.
Example 1: $50,000.00 borrowed for 240 months at 3.49% would yield an initial monthly payment of $353.75
Example 2: $50,000.00 borrowed for 240 months at 3.99% would yield an initial monthly payment of $374.58.
**The minimum monthly payment amount is $200.00. Any difference between the minimum monthly payment amount and the calculated monthly payment amount will be credited directly to the principal portion of the loan. A balloon payment may occur if a principal balance and/or unpaid interest remain at loan maturity.
Single wide mobile homes are not eligible. Double wide mobile homes are eligible only if permanently attached to a foundation. A $350.00 Appraisal Fee is initially collected from the customer, but refunded in full at time of loan closing. If the loan does not close and the appraisal was ordered, the Bank retains the $350.00 appraisal fee. Homeowner’s insurance will be required as well as flood insurance for applicable areas. All loans are subject to credit approval. Approval restrictions may apply.