Equity Credit Line: New York 
 
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. The home must be the owner's primary residence or true vacation home.
 
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Equity Credit Line ($10,000 to $500,000)

Rates as of Friday, May 11, 2012
Product Description Interest Rate Annual Percentage Rate Closing Costs Apply
Equity Credit Line - with automatic payment from an Investors' checking account.
Equity Credit Line   4.000% 4.000% $75.00
Equity Credit Line - without automatic payment from an Investors' checking account.
Equity Credit Line   4.000% 4.000% $75.00

Investors will pay .25% of the loan amount towards the mortgage recording tax.  The borrower will be responsible for the balance.
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' checking account. However, in no event will the interest rate ever exceed 15.00% ("the ceiling") or be less than 4.00% ("the floor").  a $75 closing fee will be charged at closing. Hazard insurance is 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 without notice. 

Example of Your Monthly Payment*
 
If you have an outstanding home equity credit 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

* There is a minimum monthly principal payment of $50. Your payment is calculated on a 30-year term.
**Rate is subject to change without notice.  
  
 
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 Homeowner Consumer Loan and the Special Home Improvement Loan.  
 
All annual percentage rates and fees are subject to change without notice.