Mortgage Loans
 

Mortgage Loans

Mortgages

Buying a home is a major event. First Exchange Bank makes the process simple. We understand that each of our customers is different, so we offer a variety of mortgage options to fit your specific needs. Other mortgage programs available upon request. Stop by one of our 6 locations and let us help find the loan that’s right for you.

Tier
7/3 Year Adjustable Rate Mortgage Loan*
30 Year Term
Home Equity Line of Credit**
120 Month Draw Period/ 180 Month Repayment Period
Rate 4.00% 4.00%
APR (Annual Percentage Rate) 4.493% 4%


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*Your payment can change every 36 payment(s) based on changes in the interest rate after remaining fixed for 84 payment(s). For a 30-year adjustable rate mortgage on $100,000 payment will be $477.50 for 84 months and $519.29 for 276 months. Payments do not include taxes or insurance. Actual payment obligation will be greater. Subject to credit approval.

**After 24 months, fixed at 4.00% your APR will revert to a standard variable APR of Prime for remaining life of the line. The maximum rate that can be charged is 18.00%. You can obtain credit advances for 120 months (the “draw period). During this period, payments will be due monthly. Your minimum monthly payment will equal the greater of the following: $100.00: or the amount of accrued finance charges plus 1.000 percent of the principal balance outstanding on the last day of the billing cycle. After the draw periods ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the “repayment period.”) The length of the repayment period is 180 months. During the repayment period, payments will be due monthly. Your minimum monthly payment will equal the following:  An amortized payment of the loan account balance on the last day of the draw period. The balance will be amortized over 180 months. The minimum payment will change whenever the annual percentage rate changes.


Home Equity Lines of Credit (HELOC)

A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home. HELOCs are a great way to help pay for your child's college education, a home improvement you've been thinking about, or for the vacation you've been dreaming of. Plus with a HELOC, your interest may be tax deductible!* No matter what you need the money for, First Exchange Bank makes getting it easy. Our loan officers can help you through each step of the process.

*Consult a tax advisor regarding the deductibility of interest. Subject to credit approval. Please contact your local First Exchange Bank for current interest rates. First Exchange Bank is an Equal Housing Lender.

 

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