Home Equity Line of Credit


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Home Equity Line of Credit


Current Rate: 3.25%* APR

  *The Annual Percentage Rate (APR) is based on the New York Prime Rate as published in the Wall Street Journal, using the rate published on the sixth of the previous month. The APR is variable and can change monthly, however it will not be lower than 3.25% or exceed 15.50%. The index as of 8/06/13 was 3.25%. The rate calculation is the index.  This advertised APR of 3.25% requires the loan payment to be deducted from a Cortland Banks consumer checking account through an Automatic Funds Transfer (AFT). Loan must be secured by a single-family, owner-occupied dwelling. Property insurance is required (and flood insurance, if applicable.) An annual fee of $50.00 will be charged annually beginning 12 months after your note date. The minimum loan amount is $5,000 (maximum $250,000). The loan term is ten years requiring a maximum combined loan-to-value of 85% or less. Repayment terms will equal 1.5% of the outstanding balance of principal and interest as of each monthly statement date, or $100, whichever is greater. An interest only option is also available (and would result in a balloon payment). Under this option, if you took a single $10,000 advance and the APR was 3.25% and you made only the minimum interest payments and made no principal reductions, at the end of the 10-year term the principal balance would be $10,000.  During the period, you would make 119 interest payments of $27.60 and one final payment of $10,027.60.  You should consult a tax advisor regarding the deductibility of interest and charges for the line. This offer is subject to credit approval. Not all applicants may qualify for this rate. Other rates and terms are available. This offer is accurate as of the date of publication, and may be modified or withdrawn without advance notice. Call for current terms and conditions.

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