Fixed Rate Equity- 15 year:
Current Annual Percentage Rate (APR) is 6.24%. Example monthly payments of principal and interest assume a loan of $10,000.00 with 180 payments of principal and interest (P&I) $85.69 Annual Percentage Rate (APR) is subject to change without notice. The Annual Percentage Rate is accurate as of March 1, 2010. Available on one-to-four family, owner occupied Rhode Island and Southeastern Massachusetts properties only. Minimum loan amount is $10,000.00. Subject to credit approval. Other conditions may apply. Homeowner's insurance is required. Flood insurance may be required. Payments are principal and interest. First lien equity mortgage payments do not include amounts for taxes and insurance. Consult a tax advisor regarding the deductibility of interest and charges. Other programs and terms may be available.
Equity Line of Credit:
Current Annual Percentage Rate (APR) is 3.75%. Annual Percentage Rate (APR) is adjustable and may vary. For Home Equity Lines of Credit, the APR is a variable rate based on the Prime Rate of 3.25% plus .50% effective March 1, 2010. Prime Rate is the Prime Rate as published in the Wall Street Journal on the last business day of the month, and is subject to change without notice. Maximum APR is 21% in RI and 18% in MA. Available on one-to-four family, owner occupied Rhode Island and Southeastern Massachusetts properties only. Minimum Home Equity Line is $20,000.00. Subject to credit approval. Fees will apply if held in trust or with power of attorney ranging from $100 to $300. Appraisal fees will apply for loan requests over $250,000 ranging from $300 to $500. Homeowner's insurance is required. Flood insurance may be required. Title insurance is required on loans over $250,000 and the premium is $2.00 per $1,000. Consult a tax advisor regarding the deductibility of interest and charges.
Other programs and terms may be available.
Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.