HOME EQUITY TERM LOANS

Home Equity Term Loans are available for a primary or secondary residence (eg. vacation home). The monthly payment examples as specified on the table are based on a loan amount of $10,000.00.

TERM
LOAN AMOUNT
MAXIMUM LOAN TO VALUE
APR
 MONTHLY PAYMENT
7 years
Up to $9,999
80%
6.75%
$74.87*
10 years
$10,000 and up
80%
7.00%
$116.13
15 years
$10,000 and up
80%
7.75%
$94.16
10 Years
$10,000 and up
85% with HVE
8.00%
 $121.36
10 Years
$10,000 and up
90% w/appraisal
8.25%
 $122.68
10 Years
Up to $100,000
70% With Appraisal (Stated Income)
8.50%
 $124.02
*Payment example for a 7 year term is based on a loan amount of $5,000.00.

RENTAL PROPERTY TERM LOANS
TERM
 LOAN AMOUNT
MAXIMUM LOAN TO VALUE
APR
 MONTHLY PAYMENT
10 years
Up to maximum loan to value
65% With Appraisal
9.00%
$63.35*
*Payment example is based on a loan amount of $5,000.00.

Application Requirements:
-Completed application
-Home appraisal or property tax statement
-Verification of income
-1st mortgage balance verification
-Home equity loans in the amount of $250,000 or more will require an appraisal paid for by the borrower
-If program requires an appraisal, the appraisal costs will be passed on to the borrower

Loan amounts are based on loan-to-value ratio, income and credit qualifications. An early termination fee of $300.00 will be charged if the account closes within 12 months of opening. All of the above annual percentage rates may be reduced 0.25% when a pre-authorized payment plan is established from Warren Bank deposit account. Property, title and/or flood insurance, if applicable, is required. Consult a tax advisor regarding the deductibility of Interest. Home equity loans are available through any Warren Bank branch. Warren Bank is headquartered in Clinton Township, Michigan.