HELOC PRODUCT DESCRIPTION

Loan Amount

 $25,000.00 to $400,000.00
Term 10 years borrowing period (payments based on interest only)
plus 20 year repayment period (installment payments of principal and interest)
Interest Rate Variable: Prime minus .50%
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.
HELOC 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 HELOC 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