Text Size  Smaller Bigger
Print

5 Year Fixed 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 interest rate, the borrower must have a Watertown Savings Bank depository account.  The account should 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 $615.00 to $2,500.00, but are waived.  Closing costs may include items such as title and non-escrow fees, credit report fees, appraisal fees, attorney fees and other expenses that are non-recurring (one time) charges at the beginning of the loan process.  Borrower will receive a Lender Credit for these items.  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.

Interest Rate With Deposit Account Relationship

2.75% is the interest rate on the Home Equity Loan with an APR (Annual Percentage Rate) of 2.826% fixed for five years on borrowed amounts of $15,000.00 (minimum new money loan amount) to $300,000.00 (maximum loan amount).  2.75% is granted only to borrowers with a new or existing WSB depository account.  

Interest Rate Without Deposit Account Relationship

4.75% is the interest rate on the Home Equity Loan with an APR (Annual Percentage Rate) of 4.866% fixed for five years on borrowed amounts of $15,000.00 (minimum new money loan amount) to $300,000.00 (maximum loan amount).  4.75% is the interest rate for borrowers with no WSB account relationship.  

Example 1: A $25,000.00 fixed rate Home Equity Loan financed for 60 months at 2.75% would yield an APR (Annual Percentage Rate) of 2.826% with 59 monthly payments of $446.44 and a final payment of $446.77.

Example 2: A $25,000.00 fixed rate Home Equity Loan financed for 60 months at 4.75% would yield an APR (Annual Percentage Rate) of 4.866% with 59 monthly payments of $468.92 and a final payment of $469.10.

Payments do not include taxes and insurance.  Actual payment obligation may be greater than the payment examples shown.

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 loan does not close, 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.

 

 

10 Year Fixed 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 interest rate, the borrower must have a Watertown Savings Bank depository account.  The account should 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 $615.00 to $2,500.00, but are waived.  Closing costs may include items such as title and non-escrow fees, credit report fees, appraisal fees, attorney fees and other expenses that are non-recurring (one time) charges at the beginning of the loan process.  Borrower will receive a Lender Credit for these items.  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.

Interest Rate With Deposit Account Relationship

3.75% is the interest rate on the Home Equity Loan with an APR (Annual Percentage Rate) of 3.793% fixed for ten years on borrowed amounts of $15,000.00 (minimum new money loan amount) to $300,000.00 (maximum loan amount).  3.75% is granted only to borrowers with a new or existing WSB depository account. 

Interest Rate Without Deposit Account Relationship

5.75% is the interest rate on the Home Equity Loan with an APR (Annual Percentage Rate) of 5.816% fixed for ten years on borrowed amounts of $15,000.00 (minimum new money loan amount) to $300,000.00 (maximum loan amount).  5.75% is for borrowers with no WSB account relationship.

Example 1: A $50,000.00 fixed rate Home Equity Loan financed for 120 months at 3.75% would yield an APR (Annual Percentage Rate) of 3.793% with 119 monthly payments of $500.31 and a final payment of $499.76.

Example 2: A $50,000.00 fixed rate Home Equity Loan financed for 120 months at 5.75% would yield an APR (Annual Percentage Rate) of 5.816% with 119 monthly payments of $548.85 and a final payment of $548.22.

Payments do not include taxes and insurance.  Actual payment obligation may be greater than the payment examples shown.

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 loan does not close, 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.