This is a Variable Rate Account
180 Month Revolving Line of Credit
240 Month Revolving Line of Credit
Our Current Rate is 2.50% / APR 2.50% effective April 3, 2020.
Applicable Annual Percentage Rate (APR) is Prime as published in the Wall Street Journal (WSJ), as of the first business day of the month, minus 0.75%. The minimum APR is 2.50% and the maximum APR is 15.00%.
Rates can change Monthly.
There is a minimum monthly principal payment of $50, plus applicable accrued interest.
Minimum payment for $10,000.00 based on 180 months @ 2.50% = $76.11
Minimum payment for $10,000.00 based on 240 months @ 2.50% = $70.55
Your minimum payments may not be sufficient to fully repay the principal that is outstanding on your line. If they are not, you will be required to pay the entire outstanding balance in a single payment.
All rates subject to change without notice.
Minimum Line of Credit: $5,000.00
Maximum Line of Credit: $500,000.00
Refundable application Fee: $150.00 or $300.00 (The fee of $150.00 is required for loan requests up to $100,000.00. If you are borrowing over $100,000.00 or if the combined amount of your 1st and 2nd mortgage is $250,000.00 or over, the fee of $300.00 is required)
*We will refund your application fee after closing. If you re-apply with GRSB for an additional equity loan on the same property within a one year period, your Application Fee WILL NOT be refunded. If your application is withdrawn or denied, this fee will not be refunded.
Property insurance required. Flood insurance may be required.
NJ Properties, owner-occupied 1-4 family only: Now serving all of Bergen, Passaic, Essex, Hudson, Union, Morris, Sussex, Warren, Middlesex, Mercer, Somerset, Ocean, Monmouth and Hunterdon Counties.
A Glen Rock Savings Bank Home Equity Line of Credit may be a good option if you are looking to:
- Make Home Improvements
- Consolidate Debt
- College Tuition
- Finance a Major Purchase
- Ongoing accessibility - access available funds now and in the future, without re-applying
- Potential tax benefits - unlike Personal Loans or Credit Cards, interest may be tax deductible (consult your tax advisor for deductibility)
- Variable Interest Rate
- Convenient Credit Line Checkbook
- Interest Charged on Outstanding Balance
- Replenishing Credit as Payments are made
(Home Equity Lines of Credit are also available on Investment Property - call for Rates)
Offer subject to credit approval.