1. To obtain this Annual Percentage Rate (APR) you must have your monthly payment automatically debited from an Investors checking Account, otherwise the rate is 0.25% higher. The rate for a Home Equity Line of Credit is 3.50% APR for the first nine months after closing. After the nine month introductory period, the interest rate will be variable. Investors Home Equity Line of Credit has a variable rate feature during the 10-year draw period, and as a result, the APR and minimum payment can change monthly. An annual maintenance fee of $50 will be charged on the anniversary of the loan’s origination date. For New York properties, Investors Bank will pay all Mortgage Recording Tax fees for loans with balances up to $500,000. Periodic adjustments include only interest and no other costs. During the draw period you are required to make payments of interest (although you may also make payments of principal). During the repayment period beginning in year 11, you must begin making payments of principal and interest at the 15-year Fixed Home Equity rate in effect at that time. You will be notified of your change in rate and your new monthly payment for the remaining period of your loan 45 days prior to the due date of your new monthly payment. If the HELOC is terminated within 24 months from the date of loan closing the borrower will be required to pay an early termination fee of $300.00. During the draw period the annual percentage rate is based on the Prime Rate index as published in the Wall Street Journal. Please ask us for the current index value, margin, discount or premium and annual percentage rate. Interest rate information will be provided on your monthly billing statements. At no time will your rate exceed 15%. Offer available for owner-occupied 1 to 4 family homes in NY,NJ and eligible counties in PA . All loans subject to credit approval. Annual Percentage Rate is effective as of July 1, 2019 and is subject to change at any time. Other terms and conditions may apply. This offer may be withdrawn at any time.
2. Offer valid for new customers who open a new Home Equity Line of Credit with a credit limit of at least $25,000 or a Home Equity Loan of at least $25,000. Offer is also valid for current borrowers who reapply and add an additional limit of at least $25,000 to an existing Line or add at least $25,000 to an existing Loan. Existing loan balances not applicable for the gift card offer. Limit One (1) Gift Card per Loan or Line. In order to receive a gift card, applications must be received by 7/1/2019 to 9/1/2019 and closed by 10/15/2019. Instructions to obtain Gift Card will be sent via mail approximately 1 month after the Home Equity Line of Credit is closed.