[1] This Home Equity Line of Credit (HELOC) is available for 1-4 family, owner-occupied properties in New Jersey and select counties in New York (Kings and Richmond counties only). Homeowners insurance is required, flood insurance may be required. Maximum loan to value of 80% on combined liens. Total combined liens cannot exceed $1,000,000. Maximum loan to value of 70% on Condominiums. There is a non-refundable $150 application fee. For any loan $400,000 and above, 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. You will also be required to pay a Mortgage Recording Fee at the time of closing. For New Jersey properties, this fee can range from $50.00 to $60.00 depending upon the county in which the secured property is located. For New York properties in Richmond and Kings County, this fee can range from $30.00 to $60.00 and the mortgage tax can range from 2.05% to 2.175% of the loan amount. 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. 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. If this HELOC is closed and/or paid in full before 24 months, an Early Termination Fee of $500 will be charged. View our rates page for more details. All loans are subject to credit approval.
