Home Resource Loan Rates 

OWNER-OCCUPIED PROPERTY

Term3 Maximum Loan Amount Rate APR CPM4
60 months $500,000 5.000% 5.000% $18.87
120 months $500,000 5.500% 5.500% $10.85
180 months $500,000 5.750% 5.750% $8.30
240 months $500,000 6.250% 6.250% $7.31

Rates are effective as of 7/31/2020

INVESTMENT PROPERTY

Term3 Maximum Loan Amount Rate APR CPM4
60 months $50,000 5.500% 5.500% $19.11
120 months $50,000 6.250% 6.250% $11.23

Rates are effective as of 7/31/2020

 

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Rates and terms are subject to change without notice.

 

For Home Resource Loan:

All loans secured by a mortgage lien on property. The total indebtedness (which equals the amount of your first mortgage, plus the amount of the Home Resource Loan), cannot exceed the limits below.

For 1 to 4 Family Properties: 75% of current value.

For Co-ops and Condos: 65% of current value.

For 5 to 6 Family Properties: 60% of current value.

Loan cannot be in first position.

Loan products and services subject to credit approval.

Ridgewood Savings Bank will pay the mortgage tax and recording fees, generally between $175.00 and $9,147.00, subject to reimbursement on early termination.

Property Insurance will be required.

 

3 Terms over 10 years require a loan of $50,000 or more. Terms over 15 years require a loan of $100,000 or more.

4 CPM: Cost per thousand borrowed. Loan products and services subject to credit approval.

All loans secured by a mortgage lien on property. Rates and terms are subject to change without notice.