Equity Credit Line: New Jersey & Pennsylvania
 
We offer the following products with no application fee and no appraisal fee. We offer home equity loans and lines of credit on owner-occupied 1 to 4 family owner occupied properties.
 
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Equity Credit Lines   ($25,000 - $750,000)

Rates as of Monday, November 5, 2018

Product DescriptionInterest RateAPRClosing CostsApply
Equity Credit Line - with automatic payment from an Investors' checking account.
Equity Credit Line_NJ_PA3.500%3.500%$0.00
Equity Credit Line - without automatic payment from an Investors' checking account.
Equity Credit Line_NJ_PA 3.750%3.750%$0.00

INTRODUCTORY RATE OFFER – NJ, NY and PA - During a 9 month period beginning on the closing date, the interest rate and annual percentage rate (APR) will be fixed at 3.50% with auto debit payment from an Investors Bank checking account or 3.75% without auto debit payment (regardless of the outstanding balance.)  The client must take a mandatory draw of $25,000. at closing to take advantage of the introductory rate.  (If the funds are used to pay off any Investors Bank debt the introductory rate will not apply).

If the client chooses not to take the mandatory draw the rate will be based on tiered pricing below on the approved loan amount.

Following the Introductory Rate Offer - The interest Rate will be Based on Tiered Pricing

  New Jersey & Pennsylvania - Home Equity Line of Credit Rates
  *Interest Rate Discount - rate discount of 25% is offered for automatic debit from an Investors Bank checking account

Loan Amount
NJ & PA Tiered Pricing Rate
Without Auto Debit

NJ & PA Tiered Pricing Rate
With Auto Debit

$25,000 - $249,999
Prime
Prime minus (-) .25%
$250,000 - $750,000
Prime minus (-) .25%
Prime minus (-) .50%




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.



Example of Your Monthly Payment*
 
If you have an outstanding home equity credit line balance of $20,000, and the annual percentage rate is 4.00%, your monthly payment will be calculated as follows:
 
The minimum monthly payment will be: $20,000 x 4.00%/12=$66.67*
 
   

*Rate is subject to change without notice.
    During the interest-only period "Draw Period," the minimum payment will not reduce the principal that is outstanding on the line of credit. At the end of the draw period in year 11 the rate shall be the prevailing 15 year fixed home equity rate in effect at that time.
 
 
Hazard insurance is required on all Equity Loans or Equity Lines of Credit.   
All annual percentage rates and fees are subject to change without notice.