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  Coronavirus Update

We are offering a SBA Paycheck Protection Program to support our business customers. Read More

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Among other forms of economic aid, the CARES Act provides businesses affected by COVID-19 with special assistance programs. One such Small Business Administration (SBA) program is the Paycheck Protection Program, which assists businesses with job retention and specific expenses. Spencer Savings Bank is proud to partner with FOUNTAINHEAD Commercial Capital / Small Business Finance, a top national SBA lender, to offer the Paycheck Protection Program for businesses in need. Please click on the link below to be directed to Fountainhead’s website where you can learn more about the Paycheck Protection Program and apply.

When completing the application, please indicate Spencer Savings Bank as the FastTrack Partner, and PaycheckProtectionProgram@SpencerSavings.com as the Referral Partner’s email address. https://www.fountainheadcc.com/ppp/

 

Today's Home Equity Rates

Rates as of March 20, 2020, 9:10 am

Owner Occupied
Loan Type Rate Calculation APR/Rate* Apply Now Download Application
SpencerFlex* Prime Rate 3.25% Apply Now Download Application

*APR=Annual Percentage Rate. Property must be an owner-occupied 1-4 family home in New Jersey or Bucks County, PA. Application Fees for previous Spencer applicants as follows: Lines up to $150,000: $150, 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 03/20/20 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.

 

Owner Occupied
Loan Type APR/Rate* Monthly Payment Per $1000 Borrowed Apply Now Download Application
5 Year Fixed 3.500% $18.19 Apply Now Download Application
5 Year Fixed First Lien 3.375% $18.14 Contact Us Download Application
7 Year Fixed 3.625% $13.50 Apply Now Download Application
7 Year Fixed First Lien 3.375% $13.38 Contact Us Download Application
10 Year Fixed 3.750% $10.01 Apply Now Download Application
10 Year Fixed First Lien 3.500% $9.89 Contact Us Download Application
15 Year Fixed 3.875% $7.33 Apply Now Download Application
15 Year Fixed First Lien 3.625% $7.21 Contact Us Download Application
20 Year Fixed 4.125% $6.13 Apply Now Download Application
20 Year Fixed First Lien 3.875% $5.99 Contact Us Download Application
30 Year Fixed 4.990% $5.36 Apply Now Download Application
30 Year Fixed First Lien 4.375% $4.99 Contact Us Download Application

*APR=Annual Percentage Rate. Property must be an owner-occupied 1-4 family home in New Jersey or Bucks County, PA. No application of commitment fees for 1st time Spencer applicants, otherwise: Application Fees (which will be billed after we provide you with the necessary disclosures) are as follows: Loans above $150,000 up to $249,999; $225 (1 family), $450 (2-4 family). Loans of $250,000 or more: $300 (1 family), $450 (2-4 family); however, if the loan is secured by a property of 2,800 square feet or more a fee of $500 will be charged. Previous Spencer applicants (within the past 12 months) and Spencer refinances will be charged an Application Fee regardless of loan amount.  Commitment Fee of $150 is charged on all loans. Property Insurance is required. Flood Insurance may be required. Payments shown do not include applicable taxes and insurance. Rates and terms are subject to change without notice. Offer is subject to credit approval.

Loan Type APR/Rate* Monthly Payment Per $1000 Borrowed Apply Now Download Application
5 Year Fixed First Lien 3.000% $17.97 Contact Us Download Application
7 Year Fixed First Lien 3.125% $13.27 Contact Us Download Application
10 Year Fixed First Lien 3.250% $9.77 Contact Us Download Application
15 Year Fixed First Lien 3.500% $7.15 Contact Us Download Application
20 Year Fixed First Lien 3.750% $5.93 Contact Us Download Application
30 Year Fixed First Lien 3.990% $4.77 Contact Us Download Application

*APR=Annual Percentage Rate. Property must be an owner-occupied 1-4 family home in New Jersey located in Mercer, Bergen, Passaic, Hudson, Middlesex, Essex, Sussex, Morris, Hunterdon, Union or Somerset county. Borrowers must meet income eligibility requirements to qualify for this loan product. The special homeowner loan has no fees. Property Insurance is required. Flood Insurance may be required. Payments shown do not include applicable taxes and insurance. Rates and terms are subject to change without notice. Offer is subject to credit approval.

Loan Type APR/Rate* Monthly Payment Per $1000 Borrowed Apply Now Download Application
5 Year Fixed 4.875% $18.81 Contact Us Download Application
7 Year Fixed 5.125% $14.19 Contact Us Download Application
10 Year Fixed 5.125% $10.67 Contact Us Download Application
15 Year Fixed 5.375% $8.10 Contact Us Download Application
SpencerFlex Line of Credit** 5.000% N/A Contact Us Download Application

*APR=Annual Percentage Rate. Investment property must be located in New Jersey or Bucks County, PA. No application of commitment fees for 1st time Spencer applicants, otherwise; Application Fees as follows: Loans and Lines up to $100,000: $300 (1 family), $400 (2-4 family), Loans and Lines above $100,000: $400 (1 family), $500 (2-4 family); however, if the loan or line is $250,000 or more and secured by a property in excess of 2,800 square feet a fee of $500 will be charged. Commitment Fee of $150 will be charged on all loans. Flood Insurance may be required. Payments shown do not include applicable taxes and insurance. Rates are subject to change without notice. **There is a maximum rate of 13.990% and a floor rate of 5.00%. The rate is the prime rate as published in the Wall Street Journal on the last business day of the month, plus 1.00%. As of 03/20/20 the Prime Rate was 3.25% resulting in the floor rate of 5.00%. All loans are subject to credit approval.