Residential Loans
First Mortgage Purchase or Refinance
| Term | Loan to Value | APR | Minimum | Maximum | Monthly Payment per $1000 Borrowed |
| 10 years | Less than or Equal to 80% | 5.74% | $50,000 | $1,000,000 | $10.97 |
| 15 years | Less than or Equal to 80% | 5.74% | $50,000 | $1,000,000 | $8.30 |
| 20 years | Less than or Equal to 80% | 5.99% | $50,000 | $1,000,000 | $7.16 |
| 30 years | Less than or Equal to 80% | 5.99% | $50,000 | $1,000,000 | $5.99 |
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Offer available on single family, owner occupied residences in R.I. Not available for homes to be sold in the next six months. Rates offered with automatic deduction from a companion Independence Bank checking account. Rate is available for first mortgages only. Please call for rates on second mortgages. Maximum loan to value ratio 80%. Maximum loan to value for 2nd liens 75%. Property insurance coverage required. Trust review fee may apply. Subject to credit approval. Minimum credit score required. Annual Percentage Rates, terms and offer are subject to change at any time. APRs are current as of 10/08/2008. |
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Home Equity Line of Credit
Current prime rate is 4.00%
| Product | Draw | Loan to Value | Margin | APR | Minimum | Maximum |
| Home Equity Line of Credit with Automatic Deduction from a Companion Deposit Account | 10 years | Less than or Equal to 80% | Prime - 1.25% | 4.00% | $50,000 | $500,000 |
| Home Equity Line of Credit (without Automatic Deduction from a Companion Deposit Account) | 10 years | Less than or Equal to 80% | Prime - 1.00% | 4.00% | $50,000 | $500,000 |
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Variable Annual Percentage Rate (APR) of Wall Street Journal Prime minus 1.25%. As of 10/30/2008 Prime was 4.00% and may vary monthly with changes in the Wall Street Journal Prime. APRs effective as of 10/30/2008. Lines are available with a ten year draw period (interest only) followed by a 15 year repayment period (principle and interest). The maximum APR is 10% and the rate floor is 4.00%. Offer available on single family, owner occupied residences in R.I. Not available for homes to be sold in the next six months. Minimum credit line of $50,000. Maximum loan to value ratio of 80%. Maximum loan to value for 2nd liens 75%. Property insurance coverage required. Rates available for first mortgages only. Please call for rates on second mortgages. Trust review fee may apply. Subject to credit approval. Interest rates, APRs, terms and conditions are subject to change without notice. |
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