CURRENT RATES

Loan Rates

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

Accurate as of 09/29/2020 and are subject to change at any time.  Annual Percentage Rate = APR.

HOME EQUITY LINE OF CREDIT

Loan TypeProduct RateAPR*
HOME EQUITY LINE OF CREDITWSJ Prime Rate minus 1.00% with a floor of 3.00%. Prime is currently at 3.25%.3.00%

*APR = Annual Percentage Rate. Available on 1-4 family owner-occupied homes, excluding mobile homes, co-ops, homes for sale, under construction or leased land. Primary or secondary residences in New Jersey only. This product is a variable rate Line of Credit with a 10-year interest only draw period followed by a 15-year period with 180 payments of principal plus interest. Rates are subject to change without notice. Any change to New York Prime Rate may result in a change of interest rate on this Line and the payment due. Minimum loan amount is $5,000.00. Maximum Loan amount is $750,000.00. 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 over $250,000.00 and over, at Borrower’s expense. Additional closing costs for third party fees and recording fees will range from $200-$300. The maximum Loan to Value is 75%. Other loan products, rates and terms available. Interest may be tax deductible. 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 4.500%. During that period, you would make 120 monthly payments ranging from $34.52 to $38.22. Then you would make 178 monthly payments ranging from $56.53 to $94.22.

PRIMARY RESIDENCE/SECOND HOME - HELD IN A PERSONAL NAME

LOAN TYPEINTEREST RATEAPR**Maximum LTVLoan AmountsMaximum LTVLoan AmountsMaximum LTVLoan Amounts
3/1/30 Year ARM 3.500% 4.026%80%up to $999,99970%from $1,000,000 to $2,000,00065%from $2,000,001 to $3,000,000
5/1/30 Year ARM3.750%4.277%80%up to $999,99970%from $1,000,000 to $2,000,00065%from $2,000,001 to $3,000,000
7/1/30 Year ARM4.125%4.487%80%up to $999,99970%from $1,000,000 to $2,000,00065%from $2,000,001 to $3,000,000

PRIMARY RESIDENCE/SECOND HOME - HELD IN A LIMITED LIABILITY COMPANY

Loan Type Interest RateAPR**Maximum LTVLoan AmountsMaximum LTVLoan AmountsMaximum LTVLoan Amounts
3/1/30 Year ARM3.75%4.126%80%up to $999,99970%from $1,000,000 to $2,000,00065%from $2,000,001 to $3,000,000
5/1/30 Year ARM3.875%4.368%80%up to $999,99970%from $1,000,000 to $2,000,00065%from $2,000,001 to $3,000,000
7/1/30 Year ARM4.375%4.789%80%up to $999,99970%from $1,000,000 to $2,000,00065%from $2,000,001 to $3,000,000

INVESTMENT PROPERTY HELD IN A PERSONAL NAME

Loan Type Interest RateAPR**Maximum LTVLoan AmountsMaximum LTV if Cashout is greater than 50% of loan amountMaximum LTVLoan AmountsMaximum LTV if Cashout is greater than 50% of loan amount
3/1/30 Year ARM4.000%4.142%70%up to $999,99965%65%from $1,000,000 to $1,500,00060%
5/1/30 Year ARM4.250%4.628%70%up to $999,99965%65%from $1,000,000 to $1,500,00060%
7/1/30 Year ARM4.500%4.871%70%up to $999,99965%65%from $1,000,000 to $1,500,00060%

INVESTMENT PROPERTY HELD IN A LIMITED LIABILITY COMPANY

Loan Type Interest RateAPR**Maximum LTVLoan AmountsMaximum LTV if Cashout is greater than 50% of loan amountMaximum LTVLoan AmountsMaximum LTV if Cashout is greater than 50% of loan amount
3/1/30 Year ARM4.250%4.439%70%up to $999,99965%65%from $1,000,000 to $1,500,00060%
5/1/30 Year ARM4.500%4.930%70%up to $999,99965%65%from $1,000,000 to $1,500,00060%
7/1/30 Year ARM4.750%5.174%70%up to $999,99965%65%from $1,000,000 to $1,500,00060%

**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 – 3/1 ARM with a term of 30 years for $100,000 with an APR of 4.026%, Initial Interest Rate of 3.500%, your monthly payments for years 1-3 would be $449.04 and for years 4-30 monthly payments would be $485.52 (based on current index plus margin). Monthly payments do not include taxes and insurance and the actual payment obligation will be greater. Credit is subject to credit approval.