New York HEL and HELOC: Investors Bank will be responsible for the mortgage recording tax fee on loans up to $500,000. (Not available on Investors Bank refinancing of existing HEL and HELOC closed after May 15th, 2013).
No closing fee will be charged on HEL and HELOC in NJ & NY & PA.
An annual maintenance of $50.00 will be charged on HELOC in NJ & NY &PA.
Following thereafter the introductory rate - The HELOC interest rate and annual percentage rate (APR) will be variable as follows:
APR is variable and adjusts according to the prime rate as published in The Wall Street Journal. To receive an interest discount at PRIME MINUS .25%, borrower must have the monthly payments automatically debited from an Investors Bank checking account. Without the rate discount, the interest rate will be at a minimum of PRIME MINUS 0%.
The maximum interest rate and APR will never exceed 15% the "CEILING" and the minimum interest rate and APR will never be less than 3.75% the "FLOOR".
Early Termination Fee - NJ, NY and PA - Investors Bank will pay all costs incurred to originate the HELOC up to the first $500,000. If the HELOC is terminated within 24 months from the date of loan closing, borrower will be required to pay an early termination fee of $300. In addition for NY loans borrower will also be required to reimburse lender the New York State mortgage recording tax fee including the
.25% lenders portion of the mortgage recording tax fee.