*Program is for new SpencerFlex
Credit Line customers and must
be secured by a 1-4 family NJ
owner-occupied home. Other terms
available for current customers and
for loans secured by Investment
Properties - call for details.
Minimum conversion balance = $25,000.
There is a Conversion Fee of $75 ($125
in the first year). The Rate is the
highest Prime Rate as published on the
last business day of each month in the
Wall Street Journal plus 0%. As of
June 12, 2009,the Prime Rate was 3.25% resulting in a Rate of
3.75% (Floor Rate).
There is a Maximum Rate of 13.99% and
a Floor Rate of 3.75%.
Application Fee for loans in excess of
$150,000: 1 family $175; 2-4 family
$325. Loans in excess of $250,000 may
require additional fees. There is a
Closing Fee of $100, which will be
waived if a minimum draw of $25,000 is
taken at closing, payable to a
creditor other than Spencer. Early
Termination Fee - if the account is
closed less than 24 months from the
date of the note, a fee of $300 will
be charged for Lines up to $100,000,
and a fee of $500 will be charged for
Lines in excess of $100,000. Property
Insurance is required. Flood Insurance
may be required. APR = Annual
Percentage Rate. The terms of
our SpencerFlex Line of Credit
are subject to change at any time.
**Investment
properties- regular Line of Credit
rate = Prime + 1.00% with a floor rate
of 6.00%. Application fees
for investment properties for loans up
to $100,000 - $175. For loans over
$100,000: 1 family NJ home: $275, 2-4
family NJ home: $475. Loans in excess
of $250,000 may require additional
fees. There is a closing fee of
$100, which will be waived if a
minimum draw of $25,000 is taken at
closing payable to a creditor other
than Spencer Savings Bank. Maximum
rate is 13.99%. |
Equal Housing Lender | Member FDIC | Spencer Savings Bank