Home Equity Line of Credit Special

*Annual Percentage Rate (APR) may change at any time. Introductory 1.95% APR is fixed for first 12 complete billing cycles and variable thereafter. The variable APR is the prime rate published in the Wall Street Journal on the fifteenth of the month minus 0.50% The current prime rate is 3.75%. If no prime rate is published on the fifteenth, the proceeding business day’s prime rate will be used. This credit line has a minimum APR of 2.75% and a maximum APR of 15%. Available for 1-4 family, owner-occupied properties in New Jersey. Homeowners insurance is mandatory, flood insurance may be required. Please call for maximum LTV. A mortgage recording fee is due at closing. The fee is $30 to $48 depending on the county where the secured property is located. Maximum credit line is $500,000 with a minimum draw of $100. This offer is subject to credit approval and does not apply to current Columbia Bank credit lines. Minimum line is $25,000. Minimum monthly payment during the draw period, 1/240th of the outstanding principal balance or $40.00, whichever is greater plus finance charges and late charges, if any. Minimum monthly payment during the repayment period is the greater of $100.00 or an amount sufficient to amortize the loan based on APR, balance and remaining loan term, not to exceed 120 months. The APR may vary each billing cycle during the ten (10) year draw period. At the end of the draw period, Columbia may decide to renew the draw period or may require you to repay any outstanding balance over a maximum ten (10) year term.  Once this introductory rate home equity line of credit (HELOC) has been opened, the borrower(s) may not obtain this same product 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.