| Equity
Lines of Credit |
Sometimes you need the flexibility that a credit line can provide. Pamrapo's Equity Line of Credit can give you just that. It is a revolving, adjustable rate product that provides cash at your fingertips when you need it just by writing one of your Pamrapo credit line checks.
- Maximum loan is $250,000
- Maximum loan-to-value is 80% for 1-4 family properties and 70% for multi family and for mixed use or commercial
|
| One
to Four Family Units - Primary Residence |
| Term |
Margin |
Interest Rate |
Max LTV |
| 15
Years |
2.75% |
Prime + margin |
80% |
|
The rate will never adjust to below the starting rate. All properties must be in New Jersey. Minimum draw is $500.
|
| Multi
Family or Mixed Use Properties |
| Term |
Margin |
Interest Rate |
Max
LTV |
| 15
Years |
3.75% |
Prime + margin |
70% |
For multi family, mixed use or commercial credit lines, Pamrapo must hold the 1st mortgage on the subject property. The rate will never adjust to below the starting rate. All properties must be in New Jersey. Minimum draw is $500.
Rates Effective March 17, 2010.
Prime rate is as published in the Wall Street Journal as of the 15th day of the month, or the next business day, if not available on the 15th. The lifetime cap is 10% over the initial start rate (ie.g. 5% initial start rate plus 10% = maximum rate of 15%) Application fee for 1-4 is $150. Application fee for Multi Family or Mixed Use Properties is $200. Property insurance is required. Flood insurance may be required.
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