FACTS ABOUT YOUR HOME EQUITY OPTIONS

                    

HOME EQUITY LOANS

Equity loans are ideal for large expenditures, remodeling or other needs.  They are amortized over 3 to 15 years and the fixed rate will guarantee that the rate will never change.  Single family homes have No Closing Costs for loans between $10,000.00 and $250,000.00.  Interest may be tax deductible, please check with you tax advisor.  


* LTV = Loan to Value. To identify which product you may qualify for, calculate the LTV by dividing the total of your 1st mortgage and new Equity Loan by the estimated value of your home. i.e. 1st mtg. of 120,000.00 + new equity of $50,000.00 ($170,000.00) divided by the estimated value of $250,000.00 = 68% LTV
 

Rates as of Friday, July 23, 2010
Points Interest Rate Annual Percentage Rate Payments Apply
3 Year Fixed Rate Home Equity Loan - 80% LTV*
0.000 5.375% 5.375% Show Payments and Rates
3 Year Fixed Rate Home Equity Loan - 80% 1st lien position
0.000 5.375% 5.375% Show Payments and Rates
5 Year Fixed Rate Home Equity Loan - 80% LTV*
0.000 5.500% 5.500% Show Payments and Rates
5 Year Fixed Rate Home Equity Loan - 80% 1st lien position
0.000 5.500% 5.500% Show Payments and Rates
10 Year Fixed Rate Home Equity Loan - 80% LTV*
0.000 5.990% 5.990% Show Payments and Rates
10 Year Fixed Rate Home Equity Loan - 80% 1st lien position
0.000 5.500% 5.500% Show Payments and Rates
15 Year Fixed Rate Home Equity Loan - 80% LTV*
0.000 6.240% 6.240% Show Payments and Rates
15 Year Fixed Rate Home Equity Loan - 80% 1st lien position
0.000 5.625% 5.625% Show Payments and Rates

Important Information:  The Annual Percentage Rate (APR) & Payment Examples are based on a loan amount of $1,000.00 with an 80% Loan to Value (LTV).
 
15 year fixed, 0 points, with an interest rate of 6.24%, 6.24% APR results in a monthly payment of $8.57 per $1,000.00 borrowed.
10 year fixed, 0 points, with an interest rate of 5.99%, 5.99% APR results in a monthly payment of $11.10 per $1,000.00 borrowed.
5 year fixed, 0 points, with an interest rate of 5.50%, 5.50% APR results in a monthly payment of $19.10 per $1,000.00 borrowed.
3 year fixed, 0 points, with an interest rate of 5.375%, 5.375% APR results in a monthly payment of $30.14 per $1,000.00 borrowed.
HOME EQUITY LINE OF CREDIT
    Doing some remodeling?
                                       Or is college tuition due? 
Home Equity Lines of Credit are loans that have interest only payments for 10 years.  Principal payments can be made at any time allowing you to reuse the funds in your account just by writing a check. All outstanding balance is due and payable (balloon payment) at maturity which is the end of the tenth year.
These lines have a variable interest rate based on the Prime Rate as quoted in the Wall St. Journal with a floor of 3.50%.  There is no application fee for lines under $250,000.00 and over $10,000.00.  Please call for terms and conditions on credit lines over $250,000.00.
 

Maximum Annual Percentage Rate (APR) is 18% 

Rates as of Friday, July 23, 2010
Points Interest Rate Annual Percentage Rate Payments Apply
Home Equity Line of Credit - Prime minus 1.01% - Subject to a rate floor of 3.50%
Loan amounts 25K-250K up to 80% Loan To Value
0.000 3.500% 3.500% Show Payments and Rates

Once your Rockville Bank Home Equity Line of Credit is established, you can use the money for any purpose, including home improvement, college tuition, major purchases, etc.  Please consult your tax advisor regarding the deductibility of interest.

All terms rates and conditions are subject to change at any time without notice.  All terms and rates will be confirmed by Rockville Bank on receipt of your application.
1-4 family owner occupied property only. 
Homeowner's Insurance is required.
Other restrictions may apply.
All Home Equity Lines of Credit have a variable rate of interest with a maximum annual percentage rate (APR) of 18% and a rate floor of 3.50%.  An increase of the interest rate will result in a higher monthly interest payment.  All loans are subject to credit approval.
Lines over $250,000.00 are subject to an appraisal fee of $325.00.

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