| 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
75% for other property types
|
| One
to Four Family Units - Primary Residence |
|
Rate |
Margin |
Term |
Max LTV |
|
Prime + |
0.00% |
15
Years |
80% |
|
The rate will never adjust to below
the starting rate. For loans on second homes or 1-4 family
investment properties, add .5% to the margin. All properties
must be in New Jersey. Minimum draw is $500.
|
| Multi
Family or Mixed Use Properties |
| Rate |
Margin |
Term |
Max
LTV |
|
Prime + |
1.00% |
15
Years |
75% |
The rate will never adjust to below the
starting rate. All properties must be in New Jersey. Minimum draw is
$500.
For loans on second homes or 1-4 family
investment properties, add .5% to the rate. Hazard insurance is required. Flood insurance may be required.
|
