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Ridgewood Savings Bank

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Home Equity Line of Credit Rates 

Max. Loan Amount Term (Months) Rate Annual Percentage Rate
$700,000 120 month draw period, 240 month repayment period Intro 5.49%/5.74%. After the first year Prime or Prime plus .25% which is currently 7.75%/8.00% Intro 5.49%/5.74%. After the first year Prime or Prime plus .25% which is currently 7.75%/8.00%

Rates are effective as of 2/2/2023

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Rates and terms are subject to change without notice.

For Home Equity Line of Credit

Intro Rate is 5.49% for one year if a Draw of at least 10% of the Line of Credit amount is taken at closing. Otherwise, Intro Rate is 5.74% for one year. Base Rate is determined by Combined Loan to Value ratio. If CLTV is 65% of less, Rate is Prime plus 0.00% for Primary, Secondary, Coops and Condos, or Prime plus 0.25% for Investor Properties. We will not make HELOCs on Investor Co-ops. If CLTV is greater than 65%, Rate is Prime plus 0.25%. All rates can change monthly. Maximum APR is 10.99%. Loan products and services subject to credit approval. Ridgewood Savings Bank will pay the mortgage tax and recording fees, generally between $175.00 and $12,570, subject to reimbursement on early termination. Property Insurance will be required.