HOME EQUITY LOAN PRODUCT DESCRIPTION

Loan Amount $25,000.00 to $400,000.00
Term & Interest Rate 60 month term - 6.25% fixed
120 month term - 6.75% fixed
180-240 month term - 7.75% fixed
(Installment payments of principal and interest)
Maximum LTV 80% Example:
Calculating allowable equity based on LTV:
Estimated value of the home: $300,000.00
Multiplied by LTV: X    80%
$240,000.00
Less mortgage balance: -$200,000.00
Maximum allowable credit: $40,000.00
Additional Discounts Auto debit from AB checking account minus .25%
Type of Units Financed 1 to 4 Family owner occupied residential dwelling and Condos.
Home Equity Loan for Co-ops - Contact Bank for more information.
Prepayment Penalty None
Points None
Escrow None
Insurance Borrower provides yearly renewal binder showing adequate hazard insurance with Amalgamated Bank listed as loss payee. Flood Insurance required where applicable.
Fees Application Fee - None
Annual Fee - None
Recording Fee - Yes ($120.00 estimate)
Mortgage Tax - Yes (only in New York)
Credit Report, Appraisal Fee, Title and Flood Search paid upfront by Amalgamated Bank. If the Home Equity Loan is terminated (for any reason) within three years, the borrower will be required to reimburse the bank for all fees paid upfront.

This product is only offered in the following states: New York, New Jersey, California and Washington D.C. If you have any questions, please call the Consumer Loan Department at 800-332-2669, fax us at 212-627-6771 or email us at consumerloan@amalgamatedbank.com.

Click here to download an application