Interest Rates on Consumer Loans
as of February 21, 2017
Promotional rate available for new lines opened between 1/3/17-3/31/17. Offer available for new-to-the-bank home equity lines secured by a 1st or 2nd lien on the borrower’s principal dwelling. Offer also available for existing York Traditions Bank home equity line customers who increase their current credit limit by a minimum of $20,000 and draw $20,000 in additional funds. The $20,000 draw is in addition to any funds that may be advanced on the current line. (Current York Traditions Bank customers will be required to pay a prepayment penalty on their existing line during the first 36 months of their loan.) Maximum combined loan to value of 80%. Payment must be automatically deducted from a personal York Traditions Bank checking account. 60 month draw period. Early termination fee if line is closed within 36 months. *1.50% APR for line amounts of $50,000-$250,000. 1.75% APR for line amounts less than $50,000. **Current APR is based on the Wall Street Journal Prime (WSJP) rate plus a margin and is subject to change monthly after introductory period ends. Maximum APR is 18.00%. As of 1/3/17, current APR tiers are as follows: WSJP + .25% for line amounts of $50,000 or more with a minimum APR of 4.00%, WSJP + .75% for line amounts under $50,000 with a minimum APR of 4.25%. If appraisal is required, appraisal fee is the responsibility of the borrower. Title insurance required on lines over $150,000. Property insurance is required and flood insurance may be required.
Other rates and terms available. Rates are subject to change without notice. For qualified borrowers only.
HELOCK ~ A Home Equity line of credit with a LOCKing rate
|During the Draw Period, this Plan contains an option to convert an amount up to the entire principal balance outstanding at any time from the variable rate to a fixed interest rate (“LOCK”). The plan could have different balances at different fixed interest rates as well as have a balance under the original variable rate terms. APR on fixed rate portions may be higher than variable rate.|
|You can exercise the option to convert to a LOCK only during the Draw Period. You may not exercise the option to LOCK if the credit limit will be exceeded.|
|There is a $100 fee for each LOCK established. The fee is waived if establishing a LOCK at the time of account opening.|
|The fixed interest rate for each LOCK will be based on the Bank’s prevailing fixed home equity installment loan interest rates at the time of your request, excluding any promotional rates that may be in effect at the time of the LOCK.|
|For each LOCK, you will be required to sign a Sub-Loan Conversion Agreement, the original principal amount must be at least $5,000, and the term cannot exceed ten years. You may have a maximum of three LOCKs outstanding at any time.|
|Current APR*** is 4.00% and subject to change after the account is opened.|
***APR is based on the Wall Street Journal Prime rate plus .25% as published on the last day of each month. APR may adjust monthly. Minimum APR is 4.00%; maximum APR is 18.00%. Payment must be automatically deducted from a York Traditions Bank deposit account, assumes a maximum combined loan to value of 80%, and line amount not less than $50,000.
Home Equity Loans
*Stated APR is for loans secured by a 1st or 2nd lien on the borrower’s principal dwelling, the maximum combined loan to value is 80%, and the payment is automatically deducted from a York Traditions Bank deposit account. For loans secured by a 1st lien, the payment amount does not include amounts for taxes and insurance premiums. The actual payment obligation could be greater.
**Payment amount is for $1,000 borrowed. Minimum Loan amount is $5,000.
Contact Amy Henry (NMLS # 467361) at 717-747-2670 for additional loan information.