Current Mortgage Rates From: Spencer Savings Bank

Introductory Rate Term (owner occupied properties)	Introductory Interest Rate	Post Introductory Annual Percentage Rate (APR)
Prime MINUS .76%	N/A	4.24%*
N/A	N/A	N/A
N/A	N/A	N/A
N/A	N/A	N/A
Investment Property	N/A	6.25%**

NEW PRODUCT!!!!! Spencer FLEX Line of Credit!

This credit line program allows you a CONVERSION OPTION where you can lock in all or a portion of your balance into a 15 year fixed amortized loan (at Spencer's existing 15 year fixed rate).

* This program is for new Spencer Home Equity Credit Line customers and must be secured by a 1-4 family NJ owner occupied property. Other terms available for current customers and secured by investment properties- call for details. The rate is the highest Prime Rate as published on the last business day of each month in the Wall Street Journal MINUS 1.01%. As of May 15, 2008 the Prime Rate was 5.00% resulting in a rate of 4.24%. There is a Floor Rate of 4.24% and a Maximum Rate of 13.99% Minimum conversion balance is $25,000. There is a conversion fee of $75 ($125 in the first year). In addition, there is an Early Termination Fee- if the account is closed in less than 24 months from the date of the Note, a fee of $300 will be charged for lines of $100,000 or less, and $500 for lines in excess of $100,000. Application fees for lines of $150,000 or less (1-4 family owner occupied properties) is $125. The Application Fee for lines in excess of $150,000: 1 family $175; 2-4 family $325. Applications in excess of $250,000 secured by properties worth $1,000,000 or more will be charged a $500 Application Fee. From time to time the bank may waive or reduce these fee for First Time Applicants. There is a closing fee of $100 which will be waived if a minimum draw of $25,000 is taken at closing payable to a creditor other than Spencer Savings Bank. Property Insurance is required. Flood Insurance may be required. APR= Annual Percentaqge Rate.

*** Investment properties- regular line of credit rate = Prime + 1.00%. Application fees for investment properties for loans up to $100,000 - $175. For loans over $100,000: 1 family NJ home: $275, 2-4 family NJ home: $475. Applications in excess of $250,000 secured by properties worth $1,000,000 or more will be charged a $500 Application Fee. There is a closing fee of $100 which will be waived if a minimum draw of $25,000 is taken at closing payable to a creditor other than Spencer Savings Bank. There is a Floor Rate of 4.75% and a Maximum Rate is 13.99%. Flood Insurance may be required. APR= Annual Percentage Rate.

Product Type	Owner Occupied Annual Percentage Rate (APR)*	Cost Per $1000 Borrowed	Investment Property Rate (APR)**	Cost Per $1000 Borrowed
5-Year Fixed	5.50%	$19.10	7.00%	$19.80
7-Year Fixed	5.625%	$14.43	7.125%	$15.15
10-Year Fixed	5.75%	$10.98	7.125%	$11.68
15-Year Fixed	5.875%	$8.37	7.375%	$9.20
20-Year Fixed	6.125%	$7.24	N/A	N/A
30-Year Fixed	6.625%	$6.40	N/A	N/A
Adjustable 5/5/20	Rate: 5.50% APR: 6.249%	$6.88	N/A	N/A

* Rates are subject to change without notice. Application fees for loans of $150,000 or less (1-4 family owner occupied properties) is $125. The Application Fee for loans in excess of $150,000: 1 family $175; 2-4 family $325. Applications in excess of $250,000 secured by properties worth $1,000,000 or more will be charged a $500 Application Fee. A closing fee of $100 will be charged on all loans. Previous Spencer Home Equity applicants may be charged an application fee for loans below $150,000. Property insurance is required. On Adjustable Rate product, rate subject to change after closing.

** Application fees for investment properties for loans up to $100,000 - $175. For over $100,000- 1 family NJ home: $275, 2-4 family NJ home $475. Applications in excess of $250,000 secured by properties worth $1,000,000 or more will be charged a $500 Application Fee. A closing fee of $100 will be charged on all loans. Property insurance is required.

Product Type	Owner Occupied Annual Percentage Rate (APR)	Investment Property Percentage Rate (APR)	Cost Per $1000 Borrowed
5-Year Fixed	7.125%	N/A	$19.86
7-Year Fixed	7.25%	N/A	$15.22
10-Year Fixed	7.25%	N/A	$11.74
15-Year Fixed	7.375%	N/A	$9.20

Maximum loan is $75,000. Rates are subject to change without notice. Previous Spencer Home Equity applicants may be charged an application fee. A closing fee of $100 will be charged on all loans. Property insurance is required. EFFECTIVE MARCH 20, 2008 THE 100% EQUITY PROGRAM HAS BEEN SUSPENDED!

611 River Dr.
Elmwood Park, NJ 07407
Toll Free: 800-363-8115 ext. 8330
Fax: 201-797-5086

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