Personal Banking

"Prime Access Reserve" Home Equity Credit Line

Amount:

Term:
15-year draw period (credit advances); minimum monthly payment will equal the greater of 1/180th (0.556%) of the outstanding principal balance plus finance charges and other fees payable, or $75.00.

Qualifying Ratios:

Collateral:
1st or 2nd lien on principal residence or vacation home

Application Fees/Closing Costs:
None

Early Termination Fee:
A $300 early termination fee will be assessed on credit lines that close and/or pay off within two years of the contract origination date for reasons other than default, casualty loss, or refinance with NJM Bank.

APR Indexes:

• Wall Street Journal Prime minus 0.76% with auto-withdraw from 
  Stewardship Checking **
  
• Wall Street Journal Prime plus 0.00% (standard credit line) 

Current Wall Street Journal Prime Rate: 5.00%

Annual Percentage Rates ("APRs"):

• 4.75% APR with auto-withdraw from Stewardship Checking ** (Floor Rate)
  
• 5.00% APR (standard credit line)
  
• Floor rate of 4.75% APR
  
• Ceiling rate of 17.50% APR

The Annual Percentage Rates shown above are effective as of September 5, 2008. These rates are variable and thus are subject to change at any time.

Applies to owner occupied (principal residence and vacation home) 1-4 family homes, townhouses, and condominiums in NJM Bank's lending area. Not available for Purchase Money Security Interest (PMSI). Homeowners insurance from the insurer of your choice is required. Federal flood insurance is required for any property located in a designated flood zone. All extensions of credit are subject to underwriting eligibility.

* The maximum debt to income qualifying ratio generally should not exceed 40% of the gross monthly income to cover monthly payments related to the borrower's residence, all monthly credit obligations, alimony/child support payments, and payments for the loan under consideration.

** "Prime Access Reserve" Home Equity Credit Line must be linked to Stewardship Checking with auto-withdraw of the monthly credit line payment from that account to qualify. Additional terms and conditions apply.