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Brooklyn Federal will pay
all closing costs
including Mortgage Tax!
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Prime rate for Life of Loan
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Amounts up to $100,000
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Initial Draw up to 10 Years
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Up to 30 year term
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Tax Deductible - Consult your tax
advisor
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Close in Less Than 2 Weeks
Complete
our "on line information request form"
and we will mail you an application
package.
Brooklyn Federal's
special no closing cost home equity
program is limited to owner occupied, 1
to 4 family primary residences. Loans
are secured by a mortgage lien on your
home.
The interest rate will be
adjusted monthly. This is based on the
prime interest rate as published in the
Wall Street Journal as of the first
business day of publication in any
calendar month. The maximum interest
rate shall not exceed 15%. There is a
$20,000 minimum loan advance requirement
on the first day of the closing. There
is a $250 processing fee due at
application that will be refunded at
time of closing.
If the outstanding loan advance,
at any time during the first three years
in the term of the loan, falls below
$10,000, the borrower agrees to pay
Brooklyn Federal all closing costs
incurred in connection with the loan.
There is an annual maintenance
fee of $50.
The loan term is 30 Years.
Monthly payments of interest
only during the first 10 years of the
loan term, with monthly payments of
principal and interest during the
remaining 20 years of term on a self
amortizing basis. Offer available to new
Home Equity customers only. Other
restrictions may apply.
This offer is subject to change
without notice.
ESTIMATED TIME TO PROCESS
APPROXIMATELY TWO WEEKS UNDER NORMAL
CIRCUMSTANCES. IF A NEW TITLE POLICY IS
REQUIRED, AN ADDITIONAL TWO TO THREE
WEEKS PROCESSING TIME MAY BE NECESSARY.
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