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Ridgewood Savings Bank

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Home Resource Loan Rates 

OWNER-OCCUPIED PROPERTY

Term3 Maximum Loan Amount Rate APR CPM4
60 months $700,000 5.750% 5.750% $19.22
120 months $700,000 6.250% 6.250% $11.23
180 months $700,000 6.500% 6.500% $8.71
240 months $700,000 7.000% 7.000% $7.75

Rates are effective as of 2/2/2023

INVESTMENT PROPERTY

Term3 Maximum Loan Amount Rate APR CPM4
60 months $50,000 6.250% 6.250% $19.45
120 months $50,000 7.000% 7.000% $11.61

Rates are effective as of 2/2/2023

 

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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: 80% of current value.

For Co-ops and Condos: 80% 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.