Mortgage Loan Disclosure
Mortgage Services provided by MBT Credit Company, Inc. a subsidiary of Monroe Bank & Trust.
Rates shown are Best Rates based upon credit scores. Interest rates and/or points are subject to change without notice, and may vary based on credit quality, loan amount and property type. The Annual Percentage Rates (APRs) disclosed assume a 20% down payment on the purchase of an owner occupied one unit dwelling, with no secondary financing. The APR does not include recording fees or title insurance.
The interest rate for Adjustable Rate Mortgage (ARM) loans may increase after the initial fixed rate period. All loans subject to credit approval. Rates quoted are for loans with escrow accounts and are for 30 day lock period, extended rate lock periods are available, but may be at a higher rate and/or additional fee.
Note on ARM “Caps” numbers (example: 2/6): The first number indicates the maximum percentage amount the loan may adjust to in any single year. The second number indicated the total maximum percentage the loan may adjust to during the life of the loan. It is the reader’s responsibility to verify rates with an MBT loan officer
Consumer Loan Disclosures
Home Equity Loans:
Rates shown are currently available for home equity installment loans with a term of 60 months and an amortization of 240 months. Rates assume a loan-to-value ratio of 80% or less and depend on credit qualifications. A balloon payment will result at the end of the 5 year period. The minimum loan amount is $5,000. Rates assume a pre-authorized transfer from a Monroe Bank & Trust deposit account. Add .25% to stated rates when a pre-authorized plan is not established. For example, if you borrow $50,000 for 60/240 months at 6.50% APR, the monthly payment will be $372.79 with a balloon payment of $43,167.10 due at maturity. Property, title, and/or flood insurance, if applicable, is required. Consult your tax advisor about the deductibility of interest.
Home Equity Line of Credit (HELOC):
The variable Annual Percentage Rate (APR) for the line is as low as Prime, currently 3.25% APR as of December 17, 2008. Prime is to the Wall Street Journal Prime Rate. The rate for your line will depend on your credit qualifications and loan-to-value ratio, and will range from a variable APR of Prime (currently 3.25% APR) to Prime + .25% (currently 3.50% APR). *In any event, your APR will never be less than 5.00% per annum nor exceed 25.00% per annum. Minimum credit limit is $5,000. Credit limit is based on loan-to-value ratio and credit qualifications. No closing costs. An annual fee of $75.00 is charged at the beginning of each year beginning in the 13th month. An early termination fee of $250 will be charged if closed within 24 months. Property, title, and/or flood insurance, if applicable, is required. Consult your tax advisor about the deductibility of interest.
Vehicle Loans:
The annual percentage rate (APR) and payment amount will vary, and is determined by your collateral, term, loan amount and credit qualifications. There is a minimum loan amount of $2,000 for all automobiles, motorcycles and semi tractor/trailers. The minimum loan amount for boats and recreation vehicles is $5,000. $100 processing fee on all vehicle loans. For example, if you borrow $10,000 for 60 months at 7.41% APR, the monthly payment is $199.95.
Personal Loans:
There is a minimum loan amount of $2,000. $100 loan processing fee on all personal loans. For example, if you borrow $5,000 for 48 months at 15.09% APR, the monthly payment is $139.37.