No closing costs: If you pay off and cancel the line of credit within 3 years, you must reimburse us the third-party fees paid in connection with opening the line. Fees paid to third parties generally total between $785 and $3,544 in New York. In Massachusetts, New Hampshire, Vermont and Pennsylvania, closing costs paid to third parties generally total between $628 and $2,341. Introductory Rates. Rates shown are as of August 1, 2015. The 0.50% Annual Percentage Rate (APR) is an introductory rate for 6 months, and after that the rate can be as low as 3.25%. The APR after the introductory discount period is variable and may change monthly based upon changes in the prime rate but will not fall below 3.25% or exceed 15.90%. The Prime Rate is the highest Prime Rate published in the Wall Street Journal. To Qualify: To qualify for the introductory rates: (1) the Home Equity Line of Credit must be in the first lien position on the property; (2) property must be 1-4 family owner-occupied primary residence or single-family second home and cannot be an investment property, co-op, mobile home or manufactured housing; (3) the loan-to-value (LTV) ratio cannot exceed 80% if NBT Bank has the first lien position; (4) the borrower must have an Experian FICO score of 700 or greater; (5) payments must be made via automatic deduction from an NBT Bank checking or money market account; (6) a minimum line of $10,000 must be approved for a new home equity line of credit and advanced at closing. Customers with an existing home equity line of credit from NBT Bank must be approved for an additional $10,000 to qualify. Property insurance is required and flood insurance when necessary. Title insurance is required for all loans over $250,000 when the home equity is in a first lien position and may be required for loans with aggregation over $250,000 when the home equity is in a second lien position. The borrower must pay the title insurance fee even when NBT Bank pays the other closing costs. See your tax advisor for details on the tax deductibility of interest. Offer subject to credit and collateral approval. This is not a commitment to lend. Additonal terms and conditions may apply depending on the type of colalteral, FICO score and other loan terms offered or chosen.
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