SpencerFlex Line of Credit
A SpencerFlex Line of Credit is ideal for people who borrow and repay large amounts of money over short periods of time, or for those who wish to have a cash resource available for unexpected expenses. This home equity loan type may be the ideal solution for home improvements, paying down higher rate balances, financing a major purchase or funding educational expenses. With our unique “Flex” conversion feature, you have the option of locking in a fixed rate on all or part of your current balance with a ($25,000 minimum), without having to reapply.
SpencerFlex Line of Credit features:
- Variable Interest Rate
- Convenient Credit Line Checkbook
- Potential Tax Benefits (consult your tax advisor)
- Replenishing Credit as Payments Are Made
- Interest Charged on Outstanding Balance
Open Your Account Today
Apply online, visit your local Financial Center, or call us at 1-800-363-8115 today!
*APR=Annual Percentage Rate. Property must be an owner-occupied 1-4 family home in New Jersey or Bucks County, PA. Application Fees as follows: Lines up to $150,000: $150. (Waived for 1st time applicants). Lines above $150,000 up to $249,999: $225 (1 family), $450 (2-4 family), Lines of $250,000 or more: $300 (1 family), $450 (2-4 family): however, if the line is secured by a property 2,800 square feet or more a fee of $500 will be charged. Commitment Fee of $150 (waived if at least $25,000 is drawn at closing to pay creditors other than Spencer Savings). Optional Conversion Fee of $75 ($125 in the first year). Early Termination Fee if line is closed within the first 24 months: $300 (lines up to $100,000) or $500 (lines above $100,000). As of 07/31/20 the Prime Rate as published in the Wall Street Journal was 3.25% resulting in a rate of 3.25%. There is a Maximum Rate of 13.99% and a Floor Rate of 3.25%. Property Insurance is required. Flood Insurance may be required. Rates and terms are subject to change without notice. All loans are subject to credit approval.