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.