*The Annual Percentage Rate (APR) is based on the index of the New York Prime Rate as published in the Wall Street Journal. The APR is variable and can change daily, however it will not be lower than 2.95% or exceed 15.50%. The index as of 10/7/2020 was 3.25%. The rate calculation is the index minus 0.30%. This APR requires the loan payment to be deducted from a Cortland Bank consumer checking account through an Automatic Funds Transfer (AFT).
The loan term is twenty years which includes a ten year ‘draw period’ followed by a ten year ‘repayment period’. Loan must be secured by a single-family, owner occupied dwelling. Property insurance is required (and flood insurance, if applicable.) A fee of $50 will be charged annually beginning 12 months after your note date for the ‘draw period’. The minimum loan amount is $5,000. Loan must have a maximum combined loan-to-value of 80% or less. Repayment terms are: monthly interest only payments due during the ‘draw period’ and fully amortizing monthly principal and interest payments during the ‘repayment period’. An Early Termination Fee of $300 will be charged if the loan is closed within three years of the note date.
You should consult a tax adviser regarding the deductibility of interest and charges for the line. This offer is subject to credit approval. Not all applicants may qualify for this rate. Other rates and terms are available. This offer may be modified or withdrawn without advance notice. Call for current terms and conditions.
Call for current terms and conditions. 330.637.8040.