Loan Rates

If you’re looking for great rates in New Jersey, look to Freedom Bank today!

Accurate as of 05/24/2023 and are subject to change at any time. Annual Percentage Rate = APR.


Loan TypeProduct RateAPR*
HOME EQUITY LINE OF CREDITWSJ Prime Rate minus 1.00% with a floor of 3.00%. Prime is currently at 8.250%.7.250%

*APR = Annual Percentage Rate. APR may change at any time. Maximum APR of 16%. Available on 1-4 family owner-occupied homes (Primary or secondary residences in New Jersey only), excluding investment properties, mobile homes, co-ops, homes for sale, under construction or leased land. This product is a variable rate Line of Credit with a 10-year interest only draw period followed by a 15-year repayment period with 180 payments of principal plus interest. Rates are subject to change without notice. Any change to Wall Street Prime Rate may result in a change of interest rate on this Line and the payment due. Minimum loan amount is $10,000.00. Total loan term is 25 years. Property insurance required; flood insurance is required where applicable, at Borrower’s expense. Title insurance and full appraisals required on all loan requests $250,000.00 and over, at Borrower’s expense. Appraisal fees typically range from $400 to $750. Additional charges for searches, credit report, property report, HVE report, recording and cancellation charges, admin/overnight fees typically range from $195-$455. There are no membership or participation fees. The maximum Loan to Value is 75%. Other loan products, rates, and terms available. Interest may be tax deductible, please consult your tax advisor. Offer subject to credit approval.

MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment and took no other credit advances, it would take 24 years and 10 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 7.250%. During that period, you would make 120 monthly payments ranging from $55.62 to $61.58. Then you would make 178 monthly payments ranging from $111.18 to $117.14.

We also offer Primary Residence/Second home – held in a limited liability company and Investment Property adjustable-rate mortgages. Please contact us today to learn more.

3/1/30 Year ARM5.750% - for 3 years6.748%6.875% - for 27 years****36 Payments of $583.57**
323 Payments of $651.88**
1 Payment of $649.48
5/1/30 Year ARM5.750% - for 5 years6.591%6.875% - for 25 years****60 Payments of $583.57**
299 Payments of $648.25**
1 Payment of $645.76**
7/1/30 Year ARM6.250% - for 7 years6.717%6.875% - for 23 years****84 Payments of $615.72**
275 Payments of $650.17**
1 Payment of $651.75

*The current interest rate offered is at a discount and is not calculated using the index and margin, the loans have a floor rate and will not decrease below the initial rate offered but may increase based upon the index plus margin (US T-bill plus 2.50%). The maximum rate increase is 5% over the life of the loan.

**Monthly payments do not include taxes and insurance and the actual payment obligation will be greater. All loans are subject to credit approval.

***APR = Annual Percentage Rate. APR based on a $100,000 loan. Rates are for Purchase or Refinance. Rates subject to change without prior notice. Application Fee and Origination Fee Applies. LTV = Loan to Value Ratio. ARM loans are variable rate loans; interest rates and payments may increase after consummation. For example a 3/1 ARM with a term of 30 years for $100,000 with an APR of 6.748%, Initial Introductory Rate of 5.750%, your monthly payments for years 1-3 would be $583.57, and for years 4-30 monthly payments would be $651.88 – $649.48 (based on current index plus margin currently 6.875% – fully indexed rate). Monthly payments do not include taxes and insurance and the actual payment obligation will be greater.

****6.875% is variable and the rate may change resulting in a corresponding change in the monthly payment.

Our branch offices will be closed in observance of Memorial Day on Monday, May 29th, 2023. Access to online and mobile banking is available 24/7.

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