No Closing Cost Home Equity Loan 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. To qualify for this loan product, the borrower must have a Watertown Savings Bank Checking Account with the following services; FREE Online Banking, FREE Online Bill Pay and FREE monthly E-Statements. The account may not be closed prior to loan maturity.
No Closing Costs simply means the customer is not charged for any of the “closing costs” of the mortgage. Closing costs range from $510.00 to $700.00, but are waived. Closing costs may include items such as title and non-escrow fees, credit report fees, loan administration fees, appraisal fees, attorney fees and other expenses that are non-recurring (one time) charges at the beginning of the loan process. Property without a first mortgage is eligible but Title Insurance is required at the expense of the borrower. However, the mortgage loan account must be kept open for a minimum of 3 years to avoid paying closing costs.2.99% APR (Annual Percentage Rate) fixed for five years.
Example 1: $25,000.00 borrowed for 60 months at 2.99% would yield a monthly payment of $449.11.
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 and Flood insurance required for applicable areas. All loans subject to credit approval.
Approval restrictions may apply.