Loans

Home Equity Loans†
For customers who want to access the equity in their home, First Bank’s Home Equity Loans offer the following:

• No points and no application fee
• Fixed rate
• Competitive interest rates (see current rate sheet)
• Billing statements each month
• Term choice: 5, 10 and 15 years
• Loan is paid in full at the end of the term
• Immediate access to the funds

†Fixed rate loan example: a $25,000 loan with an interest rate of 5% would have the following required monthly payment of principal and interest $471.86 (on a five year term); $265.23 (on a ten year term) and $197.76 (on a fifteen year term).

Home Equity Loans and lines over $250,000 require Title Insurance and an appraisal. Home Equity Loans and lines without an existing mortgage require Title Insurance. The fees for these items (based on a loan amount of $250,000) are $705 for the title insurance and $350 for the appraisal. All real estate loans subject to a mortgage recording fee estimated at $130.

Interest payments may be tax deductible; consult your tax advisor.

All Home Equity products require borrower to pay recording fee.

Home Equity Line of Credit††
First Bank’s Home Equity Line of Credit makes it easy for you to access the equity on your home to make improvements, take a dream vacation, consolidate your bills or make any other purchase. Our Home Equity Line of Credit offers the following benefits:

• No points and no application fee
• Competitive floating interest rates (see current rate sheet)
• Easy access to the line of credit with checks
• Billing statements each month
• Payments based only on amounts borrowed
• No interest charged until you use your credit line
• Term: 15 years
• Monthly payments of 1/180th of outstanding principal plus interest
• “Revolving” loan allows customers to draw down and pay line back as needed
• Balloon payment due at maturity

Home Equity Hybrid Line of Credit††.

• Rate: fixed for the first five years, variable thereafter (see current rate sheet)
• Repayment first five years: interest only based on outstanding principal balance
• Repayment last ten years: amortized over ten years, changes based on interest rate changes
• Draw period: five years
• “Revolving” loan allows customers to draw down and payback line as needed during the first five years. Loans stops revolving at the end of five years

††Adjustable rate Home Equity Loans, Home Equity Lines of Credit and Home Equity Hybrid Lines of Credit have variable rates and the annual percentage rate (APR) applicable to a loan may change. The APR includes only interest and no other costs. The APR is based on the value of an index. The index is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks known as the Wall Street Journal U.S. Prime Rate and is published in the Wall Street Journal. The maximum rate of interest during the loan is 18.0 percent.

Home Equity Loans and lines over $250,000 require Title Insurance and an appraisal. Home Equity Loans and lines without an existing mortgage require Title Insurance. The fees for these items (based on a loan amount of $250,000) are $705 for the title insurance and $350 for the appraisal. All realm estate loans subject to a mortgage recording fee estimated at $130.

Interest payments may be tax deductible; consult your tax advisor.

All Equity products require borrower to pay recording fee.

RESIDENTIAL MORTGAGE LOANS
Obtaining a mortgage does not need to be intimidating or overwhelming. When applying for a mortgage at First Bank, you’ll benefit from:

• A simple application process
• Competitive rates
• Access to local decision makers
• Knowledgeable Loan Officers

Auto Loans
Buying a car is less stressful with a First Bank auto loan.

• Flexible payment terms
• Competitive interest rates fixed for the life of  the loan
• Flexible down payment options

New autos maximum financing of 80%. Used autos financed to 70%. Full insurance (collision, comprehensive, etc.) required on all auto loans.

Personal Loans
Whether you need to consolidate bills or make a significant purchase, First Bank’s personal loans offer the perfect balance of flexibility and competitive rates. As a First Bank customer, you’ll receive:

• Flexible payment terms
• Competitive interest rates
• Fixed rate for the life of the loan
• Access to local decision makers

All loan products are subject to credit approval.

As an added convenience, you can have any First Bank Loan payment deducted directly from your First Bank checking or savings account.

**** For additional information call any of our locations or contact our Consumer Lending Manager, Joe Robotin at 609.643.0474 / joseph.robotin@firstbanknj.com ****