All In One Home Equity Loan| Amount | Base Rate | APR | Type | | $5,000- $29,999 | Prime + .750% | 4.00% | Line of Credit | | $30,000-$99,999 | Prime + .500% | 3.75% | Line of Credit | | $100,000 + | Prime + .250% | 3.50% | Line of Credit |
Line of Credit Payment is based on average principal balance plus interest each month. Minimum principal payment is $100.00. Bank pays closing costs for loans of $7,500-$100,000. Customer must reimburse bank for closing costs paid on their behalf if loan is closed and discharged prior to four years from inception. If loan amount is under $7,500 or over $100,000 closing cost must be paid by customer.
Maximum loan amounts are based on equity in home. Loans can be approved up to 85% of appraised value less outstanding liens if first lien is held by Lake Shore Savings or there is no mortgage on property. Loans may be approved up to 80% of appraised value less outstanding liens if the first mortgage is held elsewhere.
Must be closed within 30 days of application. APRs and Rates are accurate as of October 1, 2009 and are subject to change without notice.
Rate Floor of 5.00% will apply after first 6 months if the base rate above is lower then 5.00%. Subsequent rate changes made end of each calendar quarter. Ceiling 15%.
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