Personal Mortgage and Home Equity

Your mortgage or home equity loan should be one of the comforts of home, and you will find that the benefits of a relationship with a bank that knows this area as well as we do are speed, fairness, and a clear understanding of real value.

We don't play the sort of fast-paced mortgage games that make big promises but have little substance. We don't package and resell our loans. If you know the value of something, you can make smart investments. Our smartest investment is in this community.

Want help figuring out your payments? Try our mortgage calculator»

Information current as of March 5, 2014

Bank of Millbrook Home Loans


One Year Adjustable Rate Mortgage

Rate can increase or decrease over the term of the loan
Rate 3.250% Index - Monthly average yield on US Treasury Securities
adjusted to a constant maturity of one year.
Points -0- Margin – 3.00%
APR 3.505% Caps – 2% per year; 6% lifetime
Interest rate floor – 3.50%
Term* 360 months Payment per $1,000 = $4.36

 

5/1 Year Adjustable Rate Mortgage
Rate can increase or decrease over the term of the loan
Rate 3.750% Index - Monthly average yield on US Treasury Securities
adjusted to a constant maturity of one year
Points -0- Margin – 3.00%
APR 3.613% Caps – 2% per year; 6% lifetime
Interest rate floor – 3.50%
Term* 360
months
Payment per $1,000 = $4.64

 

5/5 Year Adjustable Rate Mortgage
Rate can increase or decrease over the term of the loan
Rate 3.750% Index - Monthly average yield on US Treasury Securities
adjusted to a constant maturity of five years
Points -0- Margin – 3.00%
APR 4.334% Caps – 3% per adjustment period; 6% lifetime
Interest rate floor –3.50%
Term* 360 months Payment per $1,000 = $4.64

APR = Annual Percentage Rate-Estimate only. Actual APR may differ.
* Other terms available
Rates subject to change
In the case of Bank of Millbrook mortgage refinancing, a fee of $750.00 will apply

No Application Fees


All mortgages have maximum terms of 30 years. Minimum downpayment of 20 percent required 80 percent L-T-V.  No application fees. Jumbo rates are .125% above the residential rate and apply on all mortgages over $500,000. All Loans Subject to Credit Approval.

Home Equity Loans

We offer a Home Equity Line of Credit designed to allow you to finance a variety of things over a period of time. There is a draw down period of five years which allows you to access the funds as you need them. Monthly payments will vary based on the amount of money used. One of our loan officers will be happy to meet with you and answer any questions you may have. As a local community bank, we are proud to offer a high level of personal service for our customers. All Loans Subject to Credit Approval.

Information current as of March 5, 2014

  • Variable Rate at Prime Rate plus 1.00% as quoted in Wall Street Journal - Current rate offering 4.25%1
  • Monthly payment – minimum payment will be based on interest due
  • Up to 80% Financing (Up to 70% Financing if behind a non Bank of Millbrook first mortgage)
  • Minimum line of credit amount $35,000
  • No Application Fees
  • No Attorney's Fees
  • No Appraisal Fees
  • No Title Insurance Fees
  • Applicable Mortgage Tax and Filing
  • Interest may be tax deductible – consult your tax advisor
  • Credit Line has a five year draw period


1 The APR is indexed to the Prime Rate as published in the Wall Street Journal. The maximum APR is 16%. The minimum APR is 4.00%. Annual Percentage Rate may vary each calendar quarter. New rate will be based on the highest Prime Rate published in the Wall Street Journal which is in effect on the last business day of the second month of each calendar quarter. The new rate will be in effect on the first day of the first billing cycle for each calendar quarter.

*Home Equity Line of Credit Loans greater than $100,000 are subject to additional closing fees.

Bank of Millbrook