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Home Equity Loan
Terms | Maximum Amount** | Rate | APR* |
---|---|---|---|
60 Months | 85% of Appraised Value | 7.000%* | 7.000%* |
84 Months | 85% of Appraised Value | 7.125%* | 7.125%* |
120 Months | 85% of Appraised Value | 7.375%* | 7.375%* |
180 Months | 85% of Appraised Value | 7.625% | 7.625% |
240 Months | 85% of Appraised Value | 7.875% | 7.875% |
*Rate requires $10,000 new money borrowed and auto pay from a cfsbank Checking Account for 60, 84 and 120 months term only.
**Maximum loan amount not to exceed 85% of appraised value only when cfsbank is the senior lien. Maximum loan amount not to exceed 80% of appraised value when another lender is the senior lien.
Above APR assumes a $100,000 loan amount for term stated. Monthly payment example: 240 monthly payments of $8.29 per $1,000 borrowed at 7.875% Interest Rate with a corresponding 7.875% APR. The above payment example does not include payment for taxes and property insurance and the actual payment obligation will be greater. Other rates and terms available.
Term | Minimum Amount | Maximum Amount** | Rate | APR* |
---|---|---|---|---|
240 Months | $10,000 | 85% of Appraised Value | 8.24% | 8.24% |
* Annual Percentage Rate
** Maximum loan amount not to exceed 85% of appraised value only when cfsbank is the senior lien. Maximum loan amount not to exceed 80% of appraised value when another lender is the senior lien.
Monthly Payment Example: If you made only the minimum monthly payment and took no other credit advances, it would take 20 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 8.24%. During the draw period, you would make 120 monthly payments of $68.67. During the repayment period, you would make 119 monthly payments of $122.60, followed by a final payment of the entire balance of principal and interest. This payment example does not include the amount of taxes, insurance, etc. (escrow account).