Mortgages and Home Equity

Financing that can help turn your dreams into reality

 



Mortgages

Our experience enables us to handle all types of transactions such as basic residential purchases, refinances, investment properties, construction loans and more.

  •  List of mortgage products include: Fixed, adjustable and jumbo loan amounts 
  •  Some loans can be done with low down payments 
  •  Visit your local branch  to find out more information about this new product 
  •  Fill out the contact form below so we can reach out to you

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Home Equity Loans & Lines of Credit

 

  •  Let your home work for you, providing funds for vacation, home improvement and more!
  •  Fixed and variable rates are available with competitive terms and conditions
  •  Visit your local branch or see below to find out more information about this product

 

Home Equity Line of Credit

  • Variable rate loan; 25 year loan term
  • 2.95% fixed introductory Annual Percentage Rate (“APR”) for the first 12 months following closing. Introductory APR is not based on the index or margin used for adjustments in the remainder of the 25-year loan term.
  • After first 12 months, APR may vary and will be equal to Wall Street Journal Prime rate as published on the last business day of the month (the “index”). Based on the current Prime Rate (as of 5/21/14), the APR would be 3.25%. Maximum rate cap is 18.00%. 
  • Payments must be auto-deducted from a free Greater Hudson Bank Simple checking account. If a checking account is not maintained, the APR may be increased by .25% over the current index, regardless of whether funds are advanced or not.
  • Line of credit available from $10,000 to $250,000 for owner occupied homes or condos only. Line of Credit draws are available for first 10 years by writing a check or online transfer ($500 minimum).
  • You will be billed for interest only during the first 10 years; however, you may repay principal at any time. Payments for the 11th – 25th year is based on an amortization of balance over 15 years and will include principal and interest
  • $250 application fee, refunded at closing only if the line of credit is approved and closed.
  • $25.00 over limit fee.
  • There is a late charge of two percent (2%) of the monthly payment for each payment that is more than fifteen (15) days overdue.
  • No annual fee.
  • No closing costs with a $10,000 line of credit advance at closing. If the loan is terminated within three (3) years of closing, the borrower will be obligated to refund the Bank’s actual closing costs. These closing costs range from $500 to $6,750 depending on the amount of the loan. Closing costs include but are not limited to appraisal fee, credit report fee, flood certification, title search, recording fee, and mortgage tax.
  • Loans are subject to credit approval and secured by a mortgage lien on home.
  • Property insurance is required; Flood insurance may be required.
  • New borrowers only or does not apply to current customers
  • Interest may be tax deductible. Consult your tax advisor.
  • Offer may be withdrawn at any time.