:: Home Equity Line of Credit
If you’ve been looking for a great Home Equity Line
of Credit to consolidate high-interest debt, make special
purchases or for upcoming home improvements then look no
further.
Medford Co-operative Bank offers the best Home
Equity Line of Credit Programs around!
Also, with a Home Equity Line of Credit, you only pay interest
on the amount borrowed and the interest you pay is usually
tax deductible. Please consult with a tax advisor to see
if you are eligible for this outstanding tax benefit.
:: Interest Only Option
Features:
- 6 Month Introductory APR of 1.99%
- Regular Rate of Prime minus 1%
- Interest Only Payment
- No Closing Costs
- Money within 2 Weeks (longer if appraisal is required)
*APR is available for 6 months from closing
date for new home equity line customers only. After 6 months
rate is variable and adjusts monthly to Prime as published
in the Wall Street Journal on the last business day of the
month minus 1%. Auto pay from a Medford Co-operative Bank
checking account for the entire term or the rate defaults
to Prime plus 1%. Early termination fee of the greater of
$500 or 1% of the line if closed during the first 36 months.
Annual fee of $50.00 is waived if 1st Mortgage with the
Bank. Prime Rate as of 1/30/04 was 4%. Prime minus 1% equals
3%. Maximum APR is 18%. Maximum and minimum line amounts
$300,000 and $25,000 respectively. Repayment of interest
only on outstanding balance during 15 year draw, interest
plus 1/120th of ending outstanding balance monthly during
10 year repayment, minimum draw is $500. Properties must
be owner occupied and not currently for sale.
:: Principal plus Interest Option
Features:
- Low Regular Rate of Prime Only
- Principal plus Interest Payments
- No Closing Costs (unless Appraisal is required)
- Money within 2 Weeks (longer if appraisal is required)
*APR is variable and adjusts monthly to
Prime as published in the Wall Street Journal on the last
business day of the month. Auto pay from a Medford Co-operative
Bank checking account required for the entire term or the
rate defaults to Prime plus 1%. Early termination fee of
the greater of $500 or 1% of the line if closed during the
first 36 months. Annual fee of $50.00 is waived if 1st Mortgage
with the Bank. Prime Rate as of 1/30/04 was 4%. Maximum
and minimum line amounts $300,000 and $25,000 respectively.
Repayment of 1.5% of outstanding balance monthly. Payment
first applied to interest with balance to principal during
15 year repayment, minimum draw is $500. Properties must
be owner occupied and not currently for sale. Maximum APR
is 18%.
Call us at 781-395-2800 or visit your local Medford Co-operative Bank Branch for
more information.
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