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Home Equity and Consumer Loan Rates
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September 16, 2024
HOME EQUITY TERM LOANS
2nd MORTGAGE POSITION
Repayment example based on minimum loan amount
| Loan Type | Annual Percentage Rate | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| Fixed | 5.000% | 5 years | $10,000 | $500,000 | 80% | 60 monthly payments of $188.72 |
| Fixed | 6.000% | 10 years | $15,000 | $500,000 | 80% | 120 monthly payments of $166.53 |
| Fixed | 6.750% | 15 years | $20,000 | $500,000 | 80% | 180 monthly payments of $176.99 |
| Fixed | 7.500% | 20 years | $25,000 | $500,000 | 80% | 240 monthly payments of $201.40 |
HOME EQUITY LOANS
INVESTMENT PROPERTIES (1st lien only)
Repayment example based on $25,000 loan amount
| Loan Type | Annual Percentage Rate | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| Fixed | 9.99% | 12 years | $25,000 | $250,000 | 60% | 144 monthly payments of $291.60 |
HOME EQUITY LINE OF CREDIT
Repayment example based on $25,000 loan balance
| Loan Type | Annual Percentage Rate* | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| First Mortgage HELD by Milford Bank | Prime Rate minus 0.75% 7.75% APR | 29 years & 6 months | $25,000 | $500,000 | 80% | CREDIT LINE PHASE 114 months interest only -$161.46 REPAYMENT PHASE 240 months principal and interest - $265.63 |
| First Mortgage NOT HELD by Milford Bank | Prime Rate minus 0.75% 7.75% APR | 29 years & 6 months | $25,000 | $500,000 | 75% | CREDIT LINE PHASE 114 months interest only - $161.46 REPAYMENT PHASE 240 months principal and interest - $265.63 |
*Prime Rate minus the margin of 0.750% results in an initial APR of 7.75%. The Annual Percentage Rate (APR) is adjustable and may change monthly based on the Prime Rate published in the Wall Street Journal, Eastern Edition, plus or minus a margin. As of July 26, 2023, Prime Rate equaled 8.50%.
There is an APR cap of 18.000% and an APR floor of 3.750%. A penalty applies equal to 1% of the credit line amount should the line be paid in full and closed during the first two years. There is no $50.00 annual fee at this time.
HOME EQUITY LINE OF CREDIT INVESTMENT PROPERTIES (1st lien only)
Repayment example based on $25,000 loan balance
| Loan Type | Annual Percentage Rate* | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| First Lien Position | Prime Rate plus 2.500% 11.00 % APR* | 29 years & 6 months | $25,000 | $500,000 | 65% | CREDIT LINE PHASE 114 months in $229.17 REPAYMENT PHASE 240 months principal and interest - $333.34 |
*Prime Rate plus the margin of 2.500% results in an initial APR of 11.00%. There is an APR cap of 18.000% and an APR floor of 3.750%. A penalty applies equal to 1% of the credit line amount should the line be paid in full and closed during the first two years. A fee of $50.00 is payable at the first billing cycle and annually thereafter during the Credit Line Phase.
COLLATERAL LOANS
Repayment example based on $5,000, 6.50% margin , and 1 year term
| Loan Type | Annual Percentage Rate | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| TMB Passbook or Certificate of Deposit | Dep. Rate plus 6.50% | 5 years up to Maturity of Collateral | $5,000 | NONE | 90% | Variable. As an example, if your deposit rate is 1%, when the highest margin of 6.50% is used, the monthly payment is $433.79 |
| Dep. Rate plus 5.00% | 5 years up to Maturity of Collateral | $20,000 | NONE | 90% | ||
| Dep. Rate plus 3.50% | 5 years up to Maturity of Collateral | $75,000 | NONE | 90% | ||
| Common Stock | 18.00% APR | DEMAND | $5,000 | NONE | 60% | Interest only. $225.00 on $5,000. Paid Quarterly in Arrears. |
OVERDRAFT PROTECTION
| Loan Type | Annual Percentage Rate | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| (Currently Capped at 18%) | Prime Rate plus 10.0% 18.00% APR | Revolving | $500 | $2,500 | N/A | Interest only $7.50 per month on $500. $25.00 Annual fee |
*Prime Rate plus the margin of 10.0% results in an initial capped APR of 18.00%. The Annual Percentage Rate (APR) is adjustable and may change monthly based on the Prime Rate published in the Wall Street Journal, Eastern Edition, plus or minus a margin. As of July 26, Prime Rate equaled 8.50%. A fee of $25.00 is payable at the first billing cycle and annually thereafter during the Credit Agreement Phase.
PERSONAL LOANS
Repayment example based on $2,500 loan amount
| Loan Type | Annual Percentage Rate | Term | Minimum Amount | Maximum Amount | LTV | Repayment Examples |
|---|---|---|---|---|---|---|
| Fixed | 18.000% | 3 years | $2,500 | $5,000 | N/A | 36 monthly payments of $90.51 |
