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Home Equity Loan Rates

Please select your state to view current Home Equity Loan rates for your area.

Home Equity Line of Credit Introductory Rate Offer

Now is a great time to get access to the money you need with a great introductory rate offer on a Home Equity Line of Credit from Northfield Bank!

New York Properties

1.99% APR*
For the first 12 months

3.25% Current Variable APR*
Variable rate after the 12 month introductory period. Prime for the life of the loan with a floor rate of 3.25% APR*


New Jersey and Pennsylvania Properties


1.99% APR**
For the first 12 months

3.00% Current Variable APR**
Variable rate after the 12 month introductory period. Prime minus 0.25% for the life of the loan with a floor rate of 3.00% APR*

 

* APR denotes ANNUAL PERCENTAGE RATE. Rates and terms are based on loan or credit line amounts of $250,000 or less with a temporary maximum loan-to-value ratio of 70% and are contingent upon you granting Northfield Bank an acceptable and marketable first or second Mortgage. Eligible properties include owner occupied, 1-2 family residences and condominiums in the New York Counties of Richmond or Kings. Investment properties, cooperatives and purchase money transactions are excluded. Adequate homeowner’s insurance is required and federal flood insurance is required for properties in a designated flood zone. Borrowers are responsible for mortgage recording fee ($72 - $120). The introductory rate for the home equity line of credit is fixed at 2.24% for the first 12 months. Thereafter, the rate is the Prime rate as published in the Wall Street Journal (currently 3.25%). Rate is variable and may change monthly. After the introductory period, the minimum rate “floor rate” is 3.25% APR and the maximum rate “ceiling rate” is 16.00% APR.

Payment does not include real estate taxes and property insurance; therefore your actual obligation will be greater.

There is a recapture fee equal to the amount of the mortgage tax paid by the bank at origination if the line is terminated in the first 36 months

** APR denotes ANNUAL PERCENTAGE RATE. . Rates and terms are based on loan or credit line amounts of $250,000 or less with a maximum loan-to-value ratio of 80% and are contingent upon you granting Northfield Bank an acceptable and marketable first or second Mortgage. Eligible properties include owner occupied, 1-2 family residences and condominiums in NJ or PA. Investment properties, cooperatives and purchase money transactions are excluded. Adequate homeowner’s insurance is required and federal flood insurance is required for properties in a designated flood zone. Borrowers are responsible for mortgage recording fee (Estimated range $120 - $220).  The introductory rate for the home equity line of credit is fixed at 1.99% for the first 12 months. Thereafter, the rate is based on Prime as published in the Wall Street Journal (currently 3.25%) minus a margin of 0.25%. Rate is variable and may change monthly. After the introductory period, the minimum rate “floor rate” is 3.00% APR and the maximum rate “ceiling rate” is 16.00% APR. There is an early termination fee of $500 for lines of credit that are terminated in the first three years.

Payment does not include real estate taxes and property insurance; therefore your actual obligation will be greater.

Rates and terms are current as 01/08/21 and are subject to change at anytime without prior notice.