Home Equity Lines of Credit - HELOC Intro Rate (HELOC) are subject to credit and property approval, WaterStone Bank SSB (Bank) underwriting guidelines, Loan to Value, and may not be available in all states. The terms of the HELOC may vary. Certain conditions, terms, and restrictions may apply based on the loan program selected. *Annual Percentage Rates (APRs) listed are effective October 3, 2023. Introductory rate APR of 5.99% will be fixed for 6 months from account opening and is only available with the set-up of automatic recurring monthly payments from a Bank deposit account. Refinances of existing Bank home equity products are excluded from offer. After the introductory rate period, the APR will be variable and based upon the U.S. Prime Rate as published in the Wall Street Journal on the last business day of the month, plus the Bank’s margin. As of October 3, 2023, the APR was 8.50% and subject to change. There is no limit on the amount by which the rate can change during any one-year period. Rates may vary but will not exceed 18% and will not fall below 4.25%. Required closing costs related to a property appraisal, title insurance, and other fees range from $0 to $1,200. A Loan Processing fee of $250 will be collected at loan closing. An early termination fee of 2% of the amount prepaid up to $500 will be charged if closed within three years of account opening. A $75 annual fee will be charged each year. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required. Minimum loan amount of $5,000. HELOC product allows for interest only payments, which will result in a balloon payment of the outstanding balance plus any accrued and unpaid interest and fees due and payable at the end of the term. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor regarding tax deductibility of interest and charges. Offer and terms subject to change at any time. For more information, please request current interest rate, margin, and rate information or visit a branch.
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