Variable APR (Annual Percentage Rate) based on the Wall Street Journal Prime Rate published on the last business day of the month 4.50% as of 12/13/17. Rates are subject to change. Maximum APR 18.00%. An initial draw of $10,000 is required to be made at closing and remain outstanding for 90-days to waive a $500.00 processing fee. The initial draw excludes any payoff to an existing loan with Reading Cooperative Bank. Interest only payments for initial 10 years, with additional 15 years’ payback of Principal & Interest. Maximum LTV 80%, rate and terms may vary based upon property occupancy type, and credit history. Not available for homes currently for sale or intended to be sold. Subject to credit approval. 1-4 family, owner occupied primary residences, and condominiums qualify. Property insurance required. Flood insurance may be required. Consult a tax advisor for information regarding the deductibility of interest and charges. To open, maintain and discharge a line of credit, you may have to pay certain fees. These fees generally total between $145.00 and $950.00. During the life of the program you will be assessed an Annual Fee of $50.00 on the anniversary date of the loan. An early termination fee of $500.00 applies for lines closed within thirty-six (36) months from date of closing.
Applicant(s) with a FICO Score equal or greater than 720, an automatic payment withdrawals from a Reading Cooperative Bank checking account will receive the 2.24% introductory APR (Annual Percentage Rate) for the first 6 months following account set up. After the initial rate period, a minimum APR will apply. Current Prime Rate less 0.51% (currently 4.50% - 0.51% = 3.99% APR). This introductory rate offer is subject to change and is limited to one introductory offer per property address and per household and is not eligible for refinancing at the introductory rate.
If applicant(s) does not meet above mentioned requirements, the Home Equity Prime for Life Product may be available. Refer to the disclosure below for details.