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SpencerFlex Line of Credit
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(APRs as of 8/07/2008) |
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Property
Type |
Rate
Calculation |
Current Annual
Percentage Rate (APR) |
| Owner Occupied |
Prime MINUS
0.76%* |
4.24%* APR |
|
Investment Property |
Prime
PLUS 1.00%** |
6.00%** APR |
*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 MINUS 0.76%. As of
August 8, 2008,
the Prime Rate was
5.00% resulting in a Rate of 4.24%.
There is a Maximum Rate of 13.99%.
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%. 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%. |
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Fixed & Adjustable Home Equity Loans
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(APRs as of
8/07/2008) |
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Property Type |
Owner Occupied
Annual Percentage Rate (APR)* |
Cost Per
$1000 Borrowed |
Investment Property Rate (APR)** |
Cost Per
$1000 Borrowed |
| 5 Year Fixed
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5.750%
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$19.22
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7.250%
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$19.92
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| 7
Year Fixed
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5.875%
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$14.55
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7.500%
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$15.34
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| 10 Year Fixed
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5.990%
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$11.10
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7.500%
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$11.87
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| 15 Year Fixed
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6.125%
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$8.51
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7.625%
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$9.34
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| 20 Year Fixed
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6.375%
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$7.38
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N/A
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N/A
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| 30 Year Fixed
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6.750%
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$6.49
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N/A
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N/A
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| Adjustable 5/5/20
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Rate:
5.750% APR: 6.372%
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$7.02
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N/A
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N/A
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*Application
Fee for Loans in excess of $150,000: 1
family $175; 2-4 family $325. Loans in
excess of $250,00 may require additional
fees. There is a Closing Fee of $100
that will be charged on all Loans.
Current customers may be charged an
Application Fee for Loans below
$150,000. Property Insurance is
required. Flood Insurance may be
required. APR = Annual Percentage
Rate. With an Adjustable Rate Home
Equity Loan, the Rate is subject to change
after closing. Terms are subject to
change at any time. Our
SpencerExpress Application is
available, which requires No Income
Verification. Please call for details! **Application
Fees for
Investment Property Loans up to $100,000 -
$175; Loans from $100,001 to $250,000:
1-Family $275; 2-4 Family $475. Loans
in excess of $250,000 may require additional
fees. There is a Closing Fee of $100
that will be charged on all Loans.
Property Insurance is required. New
Jersey investment properties only.
High Debt to Income Loans 
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(APRs as of
8/07/2008) |
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Product Type |
Owner Occupied Annual
Percentage Rate (APR) |
Investment Property Percentage Rate (APR)
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Cost Per
$1000 Borrowed
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5 Year Fixed |
7.250% |
N/A |
$19.92 |
|
10 Year Fixed |
7.500% |
N/A |
$11.87 |
15 Year Fixed |
7.625% |
N/A |
$9.34 |
| Maximum loan is
$75,000. Rates are subject to change without notice. Previous Spencer Home Equity applicants may be charged an
Application Fee. There
is a Closing Fee of $100 that will be charged on all
loans. Property
Insurance is required. |
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Special Homeowner Loans
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(APRs as of
8/07/2008) |
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Product Type |
Owner Occupied Annual
Percentage Rate (APR)
|
Investment Property Percentage Rate (APR)
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Cost Per
$1000 Borrowed
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| 5 Year Fixed
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4.750%
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N/A
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$18.76
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| 7
Year Fixed
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4.875%
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N/A
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$14.08 |
| 10 Year Fixed
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4.990%
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N/A
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$10.60
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Maximum loan is $15,000. INCOME LIMITATIONS APPLY. Rates are subject to change without notice. Previous Spencer Home Equity applicants may be charged an
Application Fee. Above rates apply to owner-occupied 1-4 family homes in Bergen, Essex, Morris, Passaic and Union counties. A recording fee of $40 will be charged on all loans. Property
Insurance is required. |
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Equal Housing Lender | Member FDIC | Spencer Savings Bank