Home Equity Loan
Home Equity Line of Credit
   
   
   
   
   

 
 Home Equity Loan (Disclosure*)
 
       FEATURES
Rate: As low as 6.74% Fixed APR
Loan to Value: Up to 85%
Terms: 5 years / Up to 30 years Amortization
Fee: No Application Fee
Prepayment Penalty: 3 year $500
Property Types: Single Family, Condo, and Town Home
Occupancy Status: Primary Residence
Max. Loan Amout: $ 500,000
       ITEMS NEEDED FROM APPLICANT
Application  
1st Mortgage statement  
Income tax returns for the past two years and/or paycheck stubs  
Copy of homeowner's insurance  
 
For more information, call Foster Bank's Loan department
Loan Department: Phone (773) 279-4962, 4963 Fax (773) 588-7505
Contact: Lisa Kang, Kenny Lee
 
*Home Equity Loans and Home Equity Lines advertised are limited to owner-occupied, 1-4 family principal residences, do not include bridge lines of credit, and are subject to no less than a second lien position. You must carry insurance on the property that secures the loan. Flood insurance required if necessary. Consult your tax advisor concerning the deductibility of interest. All closing costs are paid by Foster Bank.

**Foster Bank Home Equity Loans APR and monthly payment will be fixed. For example, a loan of $100,000 would have a monthly payment of $1,147.73 with a 10 year term (6.74% FIXED APR); a loan of $25,000 would have a monthly payment of $494.32 with a 5 year term (6.94% FIXED APR). There is a $500 early termination fee if you close your account within 36 months after account.

*** Foster bank Home Equity line offers Prime - 1% for first six month up to 85% LTV. After the six month, The Annual Percentage Rates (APRs) on Foster Bank¡¯s Home Equity Lines of Credit will vary depending on the loan amount and combined loan-to-value (LTV). APR based on Prime plus or minus a margin. Prime is the highest Prime Rate as published in the ¡°Money Rates¡± section of The Wall Street Journal on the last publishing day of the calendar month immediately preceding the billing cycle. On 7/31/06, Prime was 8.25% and the APR on Foster Bank's Home Equity Line of Credit products varied between 7.25% and 9.975%. Prime is a variable rate; as it changes, the APR on your account will change. There is a $50 annual fee. And there is a $750 early termination fee if you close your account within 36 months after account.
 
 Home Equity Line of Credit (Disclosure*)
 
       FEATURES
Rate: Prime - 1% (for first 6 months)
Loan to Value: Up to 85%
Terms: 5 years Balloon
Fee: No Application Fee , $50 Annual Fee
Prepayment Penalty: 3 year $750
Property Types: Single Family, Condo, and Town Home
Occupancy Status: Primary Residence
Method of Usage: Check, Debit Card
Requirement Auto Debit, New Life Saving for over $250K
Max. Loan Amout: $ 500,000
       ITEMS NEEDED FROM APPLICANT
Application  
1st Mortgage statement  
Income tax returns for the past two years and/or paycheck stubs  
Copy of homeowner's insurance  
For more information, call Foster Bank's Loan department
Loan Department: Phone (773) 279-4962, 4963 Fax (773) 588-7505
Contact: Lisa Kang, Kenny Lee
 

*Home Equity Loans and Home Equity Lines advertised are limited to owner-occupied, 1-4 family principal residences, do not include bridge lines of credit, and are subject to no less than a second lien position. You must carry insurance on the property that secures the loan. Flood insurance required if necessary. Consult your tax advisor concerning the deductibility of interest. All closing costs are paid by Foster Bank.

**Foster Bank Home Equity Loans APR and monthly payment will be fixed. For example, a loan of $100,000 would have a monthly payment of $1,147.73 with a 10 year term (6.74% FIXED APR); a loan of $25,000 would have a monthly payment of $494.32 with a 5 year term (6.94% FIXED APR). There is a $500 early termination fee if you close your account within 36 months after account.

*** Foster bank Home Equity line offers Prime - 1% for first six month up to 85% LTV. After the six month, The Annual Percentage Rates (APRs) on Foster Bank¡¯s Home Equity Lines of Credit will vary depending on the loan amount and combined loan-to-value (LTV). APR based on Prime plus or minus a margin. Prime is the highest Prime Rate as published in the ¡°Money Rates¡± section of The Wall Street Journal on the last publishing day of the calendar month immediately preceding the billing cycle. On 7/31/06, Prime was 8.25% and the APR on Foster Bank's Home Equity Line of Credit products varied between 7.25% and 9.975%. Prime is a variable rate; as it changes, the APR on your account will change. There is a $50 annual fee. And there is a $750 early termination fee if you close your account within 36 months after account.

 

 

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