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Here are just some of our local lenders
These rates are as of June 5, 2008
Please use links to check current rates |
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| Legacy Bank Link |
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| 30 Year Fixed Rate |
| Rate |
APR |
Points |
| 6.375 |
6.386 |
0 |
| 20 Year Fixed Rate |
| Rate |
APR |
Points |
| 6.375 |
6.39 |
0 |
| 15 Year Fixed Rate |
| Rate |
APR |
Points |
| 6 |
6.019 |
0 |
| 7/1 Year Adjustable Rate |
| Rate |
APR |
Points |
| 6.25 |
5.704 |
0 |
| 5/1 Year Adjustable Rate |
| Rate |
APR |
Points |
| 5.875 |
5.422 |
0 |
| 3/1 Year Adjustable Rate |
| Rate |
APR |
Points |
| 5.5 |
5.226 |
0 |
Assumptions
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| Berkshire Bank Link |
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| Greylock Federal Credit Union Link |
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Home Equity / Home Improvement
Programs
Rates Effective From April 1, 2008
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Loan Type
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Loan to Value
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Interest
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APR*
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Monthly Payment Per $1,000 borrowed.
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Home Equity LOC
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Up to 80%
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Prime + 0%
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5.00%
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N/A***
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Home Equity LOC
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Up to 90%**
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Prime + 1%
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6.00%
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N/A***
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Home Equity Loan
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Up to 80%
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Up to 5 years
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6.25%
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$19.45
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Up to 10 years
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6.99%
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$11.61
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Up to 20 years
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7.25%
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$7.90
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Home Equity Loan
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Up to 90%**
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Up to 5 years
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6.50%
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$19.57
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Up to 10 years
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7.25%
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$11.74
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Up to 20 years
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7.50%
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$8.06
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Home Equity Loan
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Up to 100%**
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Up to 5 years
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6.99%
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$19.80
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Up to 10 years
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7.99%
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$12.13
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Up to 20 years
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8.99%
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$8.99
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The Prime Rate as of 6/1/2008
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5.00%
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Fees and Charges: The credit union pays third party fees for new participants unless you close the plan within three years. In that case, you may have to reimburse the credit union for any fees paid on your behalf. If you refinance an existing Home Equity with Greylock then you may pay certain fees to third parties to open the plan. These fees generally total between $400 and $500. If you ask, we will provide you with an itemization of the fees you will have to pay to third parties. Property Insurance: You must carry insurance on the property that secures this plan. Rate Changes: For Home Equity Lines of Credit, the annual percentage rate can change on the first day of each month. The rate cannot increase or decrease more than 1 percentage point at each adjustment. The maximum ANNUAL PERCENTAGE RATE that can apply is 17%.
* Requires active deposit relationship with Greylock Federal Credit Union. Without an active relationship the rate increases by .50%.
**First mortgage must be with Greylock Federal Credit Union.
Home Equity Information, Terms and Conditions
Updated by jmc on 06/05/2008 11:54:31
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Privacy Statement | Third-Party Link Disclaimer | USA Patriot Act Disclosure
© Greylock Federal Credit Union 150 West Street Pittsfield, MA 01201
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| Bank North Link |
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Home Equity Comparison Chart
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Features and benefits
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Line of Credit
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Term Loan
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Product Description
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A flexible line of credit against the equity in your home that you can draw from when you need it.
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Borrow a certain amount for a specific period of time. Your payments are fixed, so you'll know what your payment will be every month.
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Best for you if:
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· Your budget allows for a variable monthly payment
· You will need your money in different amounts and at different times
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· You want a stable monthly payment
· You like the security of a fixed rate
· You want to pay off your loan in a period of time that you choose
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Primary Purpose
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· Home improvements
· Educational expenses
· Major purchases
· Refinance existing mortgage
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· Bill consolidation
· Home improvements
· Educational expenses
· Major purchases
· Refinance existing mortgage
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Interest Rate Option
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Variable with a Fixed Rate Option
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Fixed
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Home Ownership Required
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Yes
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Yes
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Potential Tax Deduction of Interest†
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Yes
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Yes
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Payment Options
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Affordable interest-only or principal and interest payments
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Principal and interest payments
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Maximum Term
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240 months (20 years)*
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360 months (30 years)
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Access to Your Funds
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Personalized checks, at a branch or online
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Receive all funds in one lump sum
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Maximum
Loan-to-Value %
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Up to 89 percent of home's value
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Up to 89 percent of home's value
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Calculate your rate and payments | Apply online
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| Check with your bank on their Rates |
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