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Rates/offer subject to change without notice. This is a variable-rate product based on the prime rate as published in the Wall Street Journal. If the Wall Street Journal publishes more than one Prime Rate, the Bank will use the highest published rate. The product consists of interest only payments for the first ten years of the line while you obtain advances available on your line. Your minimum monthly payment during this period will equal the greater of $50.00 or all accrued finance charges and other fees and charges. After the 10 years, your minimum monthly payment will increase for the next 60 months and will equal 1/60th of the outstanding principal balance at the end of the ten years plus the finance charges and other fees and charges that have accrued on the remaining balance. Your interest rate and monthly payment amount will vary as the Prime Rate varies. The annual percentage rate of this product for the life of the loan is based the value of an index (the Wall Street Journal Prime Rate which equals 3.25% as of 9/2/10) less a margin of ½% but the annual percentage rate cannot be less than the Annual Percentage Rate floor of 4.00%. The maximum annual percentage rate is 18% and the minimum annual percentage rate is 4%. Loan requires automatic draft of monthly payment from an Eagle Bank checking or NOW account. Wall Street Journal Prime Rate subject to change at any time. Property insurance is required and flood insurance may be required. Closing costs* range from a minimum of $0 to $1000. Lines offering no normal closing costs* (lines with initial advances over $25,000) are subject to a $600 prepayment penalty if the account is closed within 24 months after it is opened. Annual fee of $50. $50 annual fee waived for Signature Banking customers. Eligible for lines between $25,000 and $250,000 secured by the borrower’s 1-4 family owner occupied dwelling in Eastern Massachusetts and Southern New Hampshire. Restrictions apply for minimum credit score, maximum loan-to-value, and other credit underwriting factors. Subject to credit approval. Consult tax advisor regarding the deductibility of interest. Other rates and terms available.
*Closing costs and normal closing costs include automated appraisal, credit report, escrow/title company fees, title search and associated title policy, life of loan flood certificate, title verification, and equity mortgage recording fee and priority mail. Other closing costs may be applicable.
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