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Effective Tuesday, December 2nd, 2008
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Closed-Ended Fixed Rate Loan
Consumer Installment Loan Rates
are discounted 1/4% when a Direct Rewards checking account is opened and
maintained and the payment is deducted from that account.
|
Term |
Current
Interest Rate |
Annual
Percentage
Rate |
Est Payment $10,000
5/10/15/20 Yrs |
|
36 to 60 Mos |
6.000*
|
6.000
|
$196.85 |
|
61 to 120 Mos |
6.500*
|
6.500
|
$116.12 |
|
121 to 180 Mos |
6.740*
|
6.740
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$91.29 |
|
181 to 240 Mos |
7.500*
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7.500
|
$82.10 |
- Loan limits from $5,000 to $300,000
- No closing costs** for loans of $100,000 or less
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At closing, the Borrower will be required to pay New York
State Mortgage Tax of 1% on any portion of the loan which exceeds $100,000
- Fixed rate / amortized monthly payment
- Maximum available equity is 89.99% of the appraised value minus the balance
of the first mortgage
- Subject to credit approval
- Property Insurance is required
- Consult tax advisor for tax deductibility.
* Rates are subject to change and set based upon the current rate for
the day you apply. For loans over $100,000 add .25% to the current
rate.
** To qualify for no closing costs, customers must maintain the Home Equity
Fixed Rate Loan in good standing for 36 months. Early discharge of the
Home Equity Fixed Rate Loan, for any reason within 36 months of original note date, may
require payment of closing costs at the time of cancellation. These third
party fees generally total between $200 and $1,200. |
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Open-Ended Variable Rate Line of Credit
|
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Prime + 0 %
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Current Prime
Rate: 4.00%
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Annual
Percentage Rate: 4.00% |
- Loan limits from $5,000 to $300,000
- No closing costs** for loans of $100,000 or less
-
At closing, the Borrower will be required to pay New York
State Mortgage Tax of 1% on any portion of the loan which exceeds $100,000
- 4% minimum / 15% maximum lifetime rate
- Maximum available equity is 89.99% of the appraised value minus the balance
of the first mortgage
- Credit line checks provided for easy access to line
- Property Insurance is required
- Subject to credit approval
- Consult tax advisor for tax deductibility.
* Rates are variable and may adjust monthly based on changes to the
Prime Rate, as published in the Wall Street Journal.
** To qualify for no closing costs, customers must maintain the Home Equity Line
of Credit in good standing for 36 months. Early discharge of Home Equity
Line of Credit, for any reason within 36 months of original note date, may
require payment of third party fees at the time of cancellation. These third
party fees generally total between $200 and $1,200. |
Back to Solvay Bank Rates
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