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No Closing Cost Home Equity Line Of Credit Disclosure Information

All interest rates and terms 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. In the absence of an institutional first mortgage loan, title insurance will be required at the expense of the borrower.

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 twenty years 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 closing.

No Closing Costs simply means the customer is not charged for many of the “closing costs” of the mortgage. Closing costs range from $588.00 to $1,513.00, but are waived. Closing costs may include items such as non-escrow fees, credit report fees, loan administration fees, appraisal fees and other expenses that are non-recurring (one time) charges at the beginning of the loan process. However, the mortgage loan account must be kept open for a minimum of 3 years to avoid paying closing costs.

*2.75% APR (Annual Percentage Rate) fixed for the first three years, then adjusting to a variable Prime Interest Rate + 0% thereafter on borrowed amounts of $15,000.00 (minimum loan amount) to $300,000.00 (maximum loan amount).  2.75% is a limited time interest rate available from March 1, 2014 - May 31, 2014 and is granted only to those with a new or existing WSB checking account.  After May 31, 2014, the initial fixed Interest Rate on this loan will be determined by market conditions.

*3.49% APR (Annual Percentage Rate) fixed for the first three years, then adjusting to a variable Prime Interest Rate + 0% thereafter on borrowed amounts of $15,000.00 (minimum loan amount) to $300,000.00 (maximum loan amount).  3.49% is a limited time interest rate available from March 1, 2014 - May 31, 2014 with no account relationship.  After May 31, 2014, the initial fixed Interest Rate on this loan will be determined by market conditions.

The interest rate will not exceed the maximum cap of 14.90% or the minimum floor of 3.99%.

*The current Prime Interest Rate is 3.25%.

Example 1: $50,000.00 borrowed for 240 months at 2.75% would yield an initial monthly payment of $322.91. 

Example 2: $50,000.00 borrowed for 240 months at 3.49% would yield an initial monthly payment of $353.75.

(**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 $300.00 Appraisal Fee is initially collected from the customer, but refunded in full at time of loan closing. If loan does not close, the Bank retains the $300.00 appraisal fee.

Home insurance required and Flood insurance required for applicable areas. Leasehold properties are ineligible. Making only minimum payments may result in a balloon payment at maturity. All loans subject to credit approval. Approval restrictions may apply.