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Rates as of 10/01/12
Loan Type Rate Calculation APR
SpencerFlex Line of Credit -
Owner Occupied
Prime MINUS 0.50% 2.75% APR*
SpencerFlex Line of Credit -
Investment Property
Prime PLUS 1.00% 6.00%**APR
*New customers only. APR=Annual Percentage Rate. Property must be an owner-occupied 1-4 family home in New Jersey. Application Fees as follows: Lines up to $150,000: $150 (which will be waived for first time Spencer Home Equity Line applicants), Lines above $150,000 up to $249,999: $250 (1 family), $450 (2-4 family), Lines of $250,000 or more: $300** (1 family), $450 (2-4 family)**; **however, if the line is secured by a property in excess of 2,800 square feet a fee of $500 will be charged. Commitment Fee of $150 (waived if at least $25,000 is drawn at closing to pay creditors other than Spencer Savings). Conversion Fee of $75 ($125 in the first year). Early Termination Fee if line is closed within the first 24 months: $300 (lines up to $100,000) or $500 (lines above $100,000). As of 09/28/12 the Prime Rate as published in the Wall Street Journal was 3.25% resulting in a Rate of 2.75%. There is a Maximum Rate of 13.990% and a Floor Rate of 2.75%. Property Insurance required. Flood Insurance may be required. Rates and terms are subject to change without notice.
 
Rates as of 10/01/12
Owner Occupied Loan Type Owner Occupied APR Cost Per $1,000 Borrowed
5 Year Fixed 3.25% $18.08
7 Year Fixed 3.375% $13.38
10 Year Fixed 3.375% $9.83
15 Year Fixed 3.50% $7.15
20 Year Fixed 4.125% $6.13
30 Year Fixed 4.50% $5.07
5/5/20 Adjustable PLEASE CALL FOR CURRENT RATES
Investment Loan Type Investment APR Cost Per $1,000 Borrowed
5 Year Fixed 6.125% $19.39
7 Year Fixed 6.25% $14.73
10 Year Fixed 6.25% $11.23
15 Year Fixed 6.375% $8.64
APR = Annual Percentage Rate. Application Fees as follows - Loans of $150,000 or less which are previous Spencer applicants within the past 12 months or a Spencer refinance where new cash out is less than $25,000: $100 Loans above $150,000 up to $249,999: $225 (1 family), $450 (2-4 family), Loans of $250,000 or more: $300* (1 family), $450 (2-4 family)* *however, if the line is secured by a property in excess of 2,800 square feet a fee of $500 will be charged. Commitment Fee of $150.

 

 
 
 
 
 
Home equity