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Lending

04/14/2014

Lending Rates

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04/14/2014

Residential Mortgage Loan Product and Interest Rate Schedule

Required Downpayments (LTV):

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 35% Downpayment (70% LTV)

Loan Amounts of $1,000,001 - $2,000,000 require at least 35% Downpayment (65% LTV)

Processing Fees:

  • Appraisal Fee - varies by property value - estimate between $500 and $800
  • Appraisal Management/Review Fee - varies by property type between $125 and $150
  • Credit Report Fee - $13.25 for one borrower, $23.00 for two, $36.25 for three, $46.00 for four
  • Flood Certification - $9.00
  • Tax return verification $9.00 for two years, $12.00 for three years
  • Attorney Review Fee - $225.00
  • Document Preparation Fee - $35.00

ARM Rate Adjustments - INDEX, MARGIN & CAPS:

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

Investment Properties: (1-4 Family)

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%

Notations for all Programs:

* Annual Percentage Rate (APR) - The APR may vary based on loan amount.
** 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)

 

 

 

04/14/2014

Home Equity Loans

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.


04/14/2014

Home Equity Line of Credit

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.

Maximum lifetime APR 14.25%.

04/14/2014

Auto Loans

Notations for Automobile Loans
90% maximum loan to value for new automobile loans
80% maximum loan to value for used automobile loans


Commercial and Multi-Family Mortgage 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).

Contact our Commercial Loan Specialists:

Armand Tazza, Jr. atazza@nvebank.com 1-866-NVE Bank ext. 1240
Jason Yoon jyoon@nvebank.com 1-866-NVE Bank ext. 1250


 

Online Banking
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April 10, 2014

Heartbleed Bug

At NVE Bank, we take your security very seriously. You may have heard recent media reports about the "Heartbleed" bug. Our online banking vendor has performed a thorough investigation and has informed us that the virus has not impacted NVE Bank's online banking services. We will continue to closely monitor this situation and will update you on any new developments. Rest assured, at NVE Bank our customer's security is our top priority.

 

April 8, 2014

Windows XP support discontinued!

Microsoft has announced on April 8 they will no longer support Windows XP. If you are currently using Windows XP, Microsoft recommends you upgrade to a supported operating system to ensure access to the latest security updates they provide.

 

March 17, 2014

Phishing Scam Alert!

NVE Bank has learned of a widespread telephone phishing scam. Cardholders may receive what appears to be automated phone calls or texts, telling them that their ATM/Debit cards are locked.

The automated message requests call recipients to "Press 1" where they are to enter their 16-digit card number into their telephone key pad. Once this is entered, the scammers are then requesting the card's Personal Identification Number (PIN). The scam artists are attempting to obtain customer card numbers and PINs in order to gain access to customer accounts via ATMs or POS (point of sale) purchases.

NVE Bank will not request card, account information or PIN numbers from cardholders over the phone. In many cases, phishing scams, whether by phone or through emails, attempt to gain personal information from the call or email recipients such as:

  • First and Last Name
  • Debit Card or ATM Card Number
  • Debit or ATM Card Personal Identification Number (PIN)
  • Date of Birth
  • Social Security Number
  • Account Number and/or Account Type

 

March 4, 2014

Security Alert!

Apple has released a critical security update to address a potential vulnerability and security patch for its Mac, iPhone, iPad and iPod devices. Due to the serious nature of this matter and in order to reduce the risk of identity theft, we wanted to make sure you are aware of this situation.

Apple has recommended that users of these devices immediately take steps to reduce security risks by updating to the latest version of their device’s operating system. The update is available for iOS7, iOS6 and OSX desktop platforms and can be found under “Software Update” in general settings. For more information regarding Apple’s security updates, please visit Apple's official support website.

The security of our online banking offering continues to be a top priority.  We are monitoring the situation and will inform you if updates become available.

Member FDIC Equal Housing Lender

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