Home Equity Loans

[1] All loans are for New Jersey residents only. You will be required to pay a Mortgage Recording Fee at the time of closing. This fee can range from $50.00 to $60.00 depending upon the county in which the secured property is located. For any loan $400,000 or greater, the borrower will be required to pay an appraisal fee of $525 to $675, depending on the number of units. Higher fees may apply for complex or remote properties. Adequate property insurance is required for all real estate secured loans. If the property is located in a special flood hazard area (SFHA), flood insurance is required. For first lien home equity installment loans in an SFHA we will require that an escrow account be established for the flood insurance premium. Please contact Columbia Bank at (800) 522-4167 for further details and other program terms All loans are subject to credit approval.

[2] Rates quoted are for owner-occupied and secondary residences located in New Jersey. Maximum loan to value of 75% on combined liens. Total combined liens cannot exceed $1,000,000. Maximum loan to value of 65% on Condominiums.

[1] All loans are for New Jersey residents only. You will be required to pay a Mortgage Recording Fee at the time of closing. This fee can range from $50.00 to $60.00 depending upon the county in which the secured property is located. For any loan $400,000 or greater, the borrower will be required to pay an appraisal fee of $525 to $675, depending on the number of units. Higher fees may apply for complex or remote properties. Adequate property insurance is required for all real estate secured loans. If the property is located in a special flood hazard area (SFHA), flood insurance is required. For first lien home equity installment loans in an SFHA we will require that an escrow account be established for the flood insurance premium. Please contact Columbia Bank at (800) 522-4167 for further details and other program terms All loans are subject to credit approval.

[2] Rates quoted are for owner-occupied and secondary residences located in New Jersey. Maximum loan to value of 75% on combined liens. Total combined liens cannot exceed $1,000,000. Maximum loan to value of 65% on Condominiums.

[1] Annual Percentage Rate (APR). Current 8.00% APR is a fixed rate for the first 12 complete billing cycles (introductory rate period) and variable for the remainder of the term. This introductory rate is not based on the index and margin used to make rate adjustments. 

[2] After the 12-month introductory rate period and for the remainder of the 10-year draw period, the variable APR is based on The Wall Street Journal prime rate as published on the 15th of the month plus a margin of .50%. The current prime rate as of the 15th of the month is 7.75%, resulting in a current variable APR of 8.25%. The rate takes effect on the first day of the billing cycle after the introductory rate period and may change monthly. After the ten-year draw period, the Annual Percentage Rate (APR) for the repayment period is a variable rate based on this same formula and may change annually. This rate takes effect on the first day of the first billing cycle of the repayment period. The Credit line has a minimum APR of 4.50% and a maximum APR of 15%. This Home Equity Line of Credit (HELOC) is available for 1-4 family, owner-occupied properties in New Jersey. Homeowners insurance is required, flood insurance may be required. Maximum combined LTV 75%.  For any loan $400,000 or greater, the borrower will be required to pay an appraisal fee of $525 to $675, depending on the number of units.  Higher fees may apply for complex or remote properties. A mortgage recording fee is due at closing. The fee ranges from $50 to $60 depending on the county where the secured property is located. Maximum credit line is $500,000 and minimum credit line is $25,000 with a minimum draw of $100.  During the 10-year draw period there is an annual fee of $75.  If this HELOC is closed and/or paid in full before 24 months, an Early Termination Fee of $500 will be charged. Minimum monthly payment during the draw period of 10 years, 1/240th of the outstanding principal balance or $40.00, whichever is greater plus finance charges and late charges. Minimum monthly payment during the maximum 20-year repayment period is the greater of $100.00 or an amount sufficient to amortize the loan. At the end of the draw period, you will no longer be able to obtain credit advances and must pay any outstanding balance over a maximum twenty (20) year term. Once this HELOC has been opened, the borrower(s) may not obtain this same line of credit type from us anytime within the next 24-month period unless the borrower reapplies and is approved for a credit limit that is higher than the original credit limit granted. All loans are subject to credit approval.