Investors Savings Bank

Equity Credit Line
We offer the following products with no application fee and no appraisal fee. We offer home equity loans and lines of credit on 1 and 2 family owner occupied properties in the state of New Jersey only. The home must be the owner's primary residence or true vacation home.
 
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Equity Credit Lines 

Rates as of Thursday, August 5, 2010
Product Description Interest Rate Annual Percentage Rate Closing Costs Apply
Equity Credit Line - with automatic payment from a checking account at Investors Savings Bank.
Equity Credit Line   3.250% 3.250% $75.00
Equity Credit Line - without automatic payment from a checking account at Investors Savings Bank.
Equity Credit Line   3.500% 3.500% $75.00

*INTRODUCTORY RATE OFFER  –  During a 6-month period beginning on the closing date, the interest rate and Annual Percentage Rate (APR) will be fixed at 3.50% (3.25% with auto-debit described below) regardless of the outstanding balance. The $75 closing fee will be waived and the floor rate noted below will not apply. Thereafter, the interest rate and APR will be variable as follows:

The Annual Percentage Rate (APR) is variable and adjusts according to the Prime Rate as published in the Wall Street Journal. Prime Rate is currently 3.25%. To obtain a rate discount of .25%, you must have your monthly payments automatically debited from an Investors Savings Bank checking account. However, in no event will the interest rate ever exceed 15.00% ("the ceiling") or be less than 4.00% ("the floor").  Hazard insurance required.
   
Your line is available for as long as you own your home.  As your outstanding balance is paid, funds become accessible.  There is no need to reapply. Your monthly payment is calculated on a 30 year term.
*There is a minimum monthly principal payment of $50.  **Rate is subject to change.  Your rate may be different.
 
** The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; consult your tax advisor for further information regarding the deductibility of interest and charges.

Example of YourMonthlyPayment*
 
If you have an outstanding home equitycredit line balance of $20,000, and the annual percentage rate is 4.00%, your monthly payment will be calculated as follows:
  
The principal portion of your monthly payment will be: $20,000/360*=$55.56*
The interest portion of your monthly payment will be: $20,000 x 4.00%/12** =$66.67
Your total monthly payment will be:  $55.56 + $66.67 = $122.23

* Thereis a minimum monthlyprincipal payment of $50. Your payment is calculated on a 30-year term.
**Rate is subject to change. Your rate maybe different .  
  
 
Hazard insurance is required on all Equity Loans or Equity Lines of Credit. A $75.00 Closing fee will be collected at closing on all Equity products except the Special Home Improvement Loan.  
 
All Annual percentage rates and fees are subject to change without notice.