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Consumer Loan & Home Equity Loan Rates

 Home Equity Rates

Program

APR (%)

Term (months)

Maximum Loan ($)

Maximum LTV (%)

Monthly Cost
Per $1,000
Borrowed ($)

Second Position Lien

4.500%

5 years

$350,000

70%***

$18.64

Second Position Lien

5.000%

10 years

$350,000

70%***

$10.61

Second Position Lien

5.500%

15 years

$350,000

70%***

$8.17

Second Position Lien

6.000%

20 years

$350,000

70%***

$7.16

First Lien Only

4.500%

30 years

$350,000

80%

$5.07

Effective Date: 12/16/2016

***For equity loans in first position or loans where Lincoln 1st Bank holds the first mortgage and the property is located in Lincoln Park, Pequannock, Pompton Plains, Montville, Pine Brook, Towaco, Boonton, Boonton Township, Butler, Riverdale, Kinnelon, and Wayne, the maximum LTV ratio is 80%.

***If Lincoln 1st Bank hold the first mortgage lien – Max. LTV is 80%

 

Home Equity Lines of Credit

Loan
Product

Interest
Rate Fixed
First 6 Mon.

Interest
Rate (%)

Interest
Rate Floor
(%)

Draw
Period
(years)

Repayment
Period
(years)

Minimum
Amount
($)

Maximum
Amount
($)

Maximum
LTV (%)

1st Lien or 2nd
Lien with L1st as
1st Lien**

1.75

Prime -.50%

3.00%

10 Years

20 Years

$5,000

$350,000

70%**

2nd Lien with 1st
Lien with Other
Lender

N/A

Prime -.50%

3.00%

10 Years

20 Years

$5,000

$350,000

70%****

Effective Date: 12/16/16

*Home Equity Line of Credit is an adjustable rate loan indexed to the Wall Street Journal Prime Rate as published on the 1st day of each month. The annual percentage rate may increase or decrease accordingly. Maximum rate to be charged over life of loan is 16%.
* Owner occupied, 1 to 4 family dwellings.
**For equity loans where Lincoln 1st Bank will be in the first position or where Lincoln 1st Bank will be in the second position behind an Lincoln 1st Bank first mortgage.
**If Lincoln 1st Bank holds the first mortgage lien – Max. LTV is 80%
*** Wall Street Journal Prime Rate as published on the 1st day of each month. Maximum rate to be charged over the life of the loan is 16.00%.
**** For equity lines in the first position or lines where Lincoln1st Bank holds the first mortgage and the property is located in Lincoln Park, Pequannock, Pomtpon Plains, Montville, Pine Brook, Towaco, Boonton, Boonton Twp, Butler, Riverdale, Kinnelon, Wayne, the maximum LTV ratio is 80%.

Consumer Loans

Loan Product

Apr (%)

Term
(months)

Minimum
Amount ($)

Maximum
Amount ($)

Monthly Cost per
$1,000 Borrowed ($)

Overdraft Checking
Credit Reserve Line of Credit

16.000% 

36 Months 

$500

$5,000 

Revolving
Account

Personal Unsecured

10.250% 

36 Months 

 $500

$10,000 

$32.38

Personal Unsecured

10.625% 

48 Months 

$500 

$10,000 

$25.66

Personal Unsecured

11.750% 

60 Months 

$500 

$15,000 

$22.12 

New Auto (2015-2016)

 4.000%

24 Months 

$500 

$50,000 

 $43.42

New Auto (2015-2016)

 4.250%

36 Months 

$500 

$50,000 

 $29.63

New Auto (2015-2016)

 4.375%

48 Months 

$500 

$50,000 

 $22.75

New Auto (2015-2016)

 4.500%

60 Months 

$500 

$50,000 

 $18.64

New Auto (2015-2016)

 4.750%

72 Months 

$500 

$50,000 

 $15.99

Used Auto (2009-2015)

 4.750%

24 Months 

$500 

$30,000 

 $43.76

Used Auto (2009-2015)

 5.000%

36 Months 

$500 

$30,000 

 $29.97

Used Auto (2009-2015)

 5.250%

48 Months 

$500 

$30,000 

 $23.14

Used Auto (2009-2015)

 5.500%

60 Months 

$500 

$30,000 

 $19.10

Effective Date: 9/10/2016