Please click here for Deposit Products Rate Sheet
Loan Amounts up to $417,000 require at least 10% Downpayment (90% LTV). PMI required
Loan Amounts of $417,000 - $ 550,000 require at least 20% Downpayment (80% LTV)
Loan Amounts of $550,001 - $ 750,000 require at least 25% Downpayment (75% LTV)
Loan Amounts of $750,001 - $1,000,000 require at least 30% Downpayment (70% LTV)
Loan Amounts of $1,000,001 - $2,000,000 require at least 35% Downpayment (65% LTV)
Index: Weekly Average US Treasury Security Index adjusted to a constant maturity of 1 yr Margin: 2.75%. Maximum Adjustments: 2.00% Per Adjustment / 6.00% Cap over Loan Term
Maximum Loan Amount $550,000
Eligible for all ARM programs except 1/1/30 (Add .75% to Rate)
Eligible for 7yr,10yr, 15yr and 20yr Fixed Rate programs (Add .75% to Rate)
Purchase and No Cash-Out Refinance maximum LTV of 75%
Cash-Out Refinance maximum LTV of 65%
* Annual Percentage Rate (APR)
** May be increased after closing for Adjustable Rate Mortgage (ARM)
- NVE's lending area is ALL of New Jersey
- ALL RATES ARE SUBJECT TO CHANGE PRIOR TO CLOSING UNLESS RATE IS LOCKED IN (Requires fee of 1% of Loan Amount which may be refunded at closing as per the terms of the agreement)
All rates subject to change without notice.
Notations for Interest Rates on Home Equity Loans
Loan Linked rates are based upon having monthly loan payments deducted from an NVE Bank checking account which maintains an average monthly collected balance of $1,000.00. Customers requesting loan coupons pay an interest rate of .25% higher.
Loan to Value Limitations Home Equity Loans Accounts
75% of the appraised value unless the combined mortgage balances exceed $500,000, then only 65% of the appraised value will be used up to a combined total of $850,000. Condominium or Townhome: 70% of the appraised value will be used.
Notations for Home Equity Lines of Credit
The maximum loan amount for 1-4 family properties is $500,000 and the maximum loan amount for condominiums or townhouses is $250,000.
Notations for Automobile Loans
90% maximum loan to value for new automobile loans
80% maximum loan to value for used automobile loans
Rates and fees are negotiable. Borrowers are responsible for all third party costs, including appraisal and bank's review attorney. Points may be charged on the loan (a point is a premium or fee equal to 1% of the amount of the loan).
Armand Tazza, Jr. atazza@nvebank.com 1-866-NVE Bank ext. 240
Scott Mazin smazin@nvebank.com 1-866-NVE Bank ext. 274
