Home Equity Rates

For Example: A 5 year, $10,000.00 loan at 6.28% APR*: 60 payments of $198.52

A West Town Savings Bank Fixed Rate Home Equity Installment Loan can help you use the financial power of your home to finance nearly everything. You can borrow up to 80% of the equity in your home. Your interest rate and monthly payments will remain the same throughout the term of the loan. And you can pay it off without penalty at any time. Plus, there's no application fee, no closing costs**, and there could be some tax savings for you***.

**Closing costs paid by West Town Savings Bank are limited to: appraisal, title insurance, flood certification, and recording fees. Any additional fees or conditions imposed by the city, state or county that the subject property is located in, will be the borrower's responsibility.

***Consult your tax advisor concerning the deductibility of interest.
****Annual Percentage Rate

You can borrow up to 80% of the equity in your home, and decide exactly how much and when to borrow it. Once your credit line is established, we'll send you a book of personalized checks to use for anything that you want. Interest payments will be required monthly, but principal won't be due for repayment for ten years. And the interest you pay may be tax-dedcutible.**

Here's how to determine your home's equity:

*West Town Savings Bank Home Equity Line of Credit has a variable rate. The Annual Percentage Rate (APR) is based on the Prime Rate published in the Money Rates section of the Wall Street Journal on the last publishing date of each calendar month. As of  December 28, 2009 Prime was 3.25% and the APR on Home Equity Line of Credit program is 6%. Your rate and corresponding APR may be different than the advertised rate. Rates are subject to change at any time without notice. Lifetime cap is 18% APR. The minimum interest rate (floor) is 6% APR. An annual fee of $35 is charged after the first year. If the line is closed within the first year of the loan term, a $250 early closure fee will apply. Payments of interest only or minimum monthly payment will result in a final balloon payment.   Closing costs paid by West Town Savings Bank are limited to: appraisal, title insurance, flood certification, and recording fees. Any additional fees or conditions imposed by the city, state, or county that the subject property is located in, will be the borrower's responsibility.

For example, a ten-year $25,000 loan with a loan-to-value up to 80% to a borrower with the highest credit qualifications will be repaid by 120-monthly payments of $283, for an Annual Percentage Rate (APR) of 6.51%. Your APR may differ, depending on your loan amount.

**Consult your tax advisor concerning the deductibility of interest.