Consumer Loan Rates

Effective January 31, 2012

Loan Rates are subject to change at any time. The low loan rates listed below are our best rates based upon approved underwriting standards. Actual interest offered may be higher depending on other underwriting factors.

APR (Annual Percentage Rate) is based on a loan amount of $10,000.00.

Auto Loans

Home Improvement Loans

Unsecured Personal Loans

Passbook Loans

Fixed Rate Equity Loan

*Above Interest Rate does not reflect rate if monthly payment is automatically withdrawn from your Merrimac Savings Bank deposit account. Rate with auto payment will be discounted by .25%.

Merrimac Savings Bank will pay for attorney and appraisal fees, if needed. Borrowers will be responsible for recording fees. Trust review fees may apply for properties held in a Realty Trust.

Minimum Loan amount $25K. Maximum combined loan-to-values of 80% for owner occupied 1-4 family properties, and 70% for owner occupied condominiums/townhomes. Property insurance is required, flood insurance may be required if applicable. Interest paid may be tax deductible, contact your tax advisor regarding the deductibility of interest. Rates are subject to change without notice. Prepayment fee of $300.00 will be assessed if paid off by another lender within the first three years, except for those Fixed Rate Second Mortgages closed in first mortgage position. Other terms and conditions may apply.

Home Equity Line of Credit

The Annual Percentage Rate on our Home Equity Credit Line will vary once each month and is based on The Wall Street Journal Prime Rate as published on the last publication day of the month. As of December 31, 2011, the Prime Rate in effect was 3.25%. . Loan to Value ratio cannot exceed 80% of the value of the 1-4 family owner occupied primary residence (70% for condominiums and vacation homes). Property insurance is required. Interest paid may be tax deductible, contact your tax advisor regarding the deductibility of interest. Rates are subject to change without notice but will never exceed 18%. Prepayment fee of $300 will be assessed if the line is paid off and closed within the first three years. The rate will be discounted by .25% if the monthly payment is automatically withdrawn from your Merrimac Savings Bank deposit account. Other terms and conditions apply.

Mortgage Rates: Adjustable and Fixed

• Current Index = 1 Year Treasury Bill: .12% as of January 30, 2012
• 1-4 family owner occupied residences only. Rates are subject to change without prior notice. Subject to credit approval.
• Introductory rate is at a premium the first 3 years of the 3/1 ARM, and first 5 years of the 5/1 ARM. ARM Payments are based on a 30 year repayment schedule. Shorter terms for ARM mortgages are also available, call for details.
• Payment examples based on $100,000 loan using current index and margin.
• Property insurance is required. Payments do not include taxes and/or insurance. Actual payment may be greater.
• Rate may increase after consummation on all Adjustable Rate Mortgages.
• Annual percentage rate (APR) includes a prepaid finance charge of $82.00 for Tax Service Fee, $12.00 for Flood Certification with life of loan monitoring, and a $250.00 application fee. PMI (private mortgage insurance) will increase payment amounts and APR. The above charges do not include all costs, good faith estimate will be provided within 3 business days of application.
• 60 day rate locks are available. Rates are based on a 30 day rate lock. Rate may increase or decrease based on rate lock, and market conditions.

  Manufactured Homes: Mobile homes in a park

   

  Model	Maximum Term	Rate	*APR with 20% Down and 1 Point	Payment Per $1000
  1980 & Newer	20 Year	7.490%	7.658%	$8.05

  * Fixed Rate APR (Annual Percentage Rate) based on 20% down payment, loan amount of $100,000, One (1) point on mortgage amount; and product term. Payment based on $1,000 financed. Cost per $1000 does not include taxes, insurance, or lot rent if applicable. Actual payment may be greater. *Annual percentage rate (APR) includes a prepaid finance charge of $12.00 for Flood Certification with life of loan monitoring and a $250.00 application fee.

  First Time HomeBuyer Program is available, please call for details.

    

  

  Home | Deposit Products | Loan Products | About Us | Hours/Locations
  Telephone Banking | Contact Us | Useful Links | Online Security | Privacy | Do Not Call

  Merrimac Savings Bank is a community bank serving the communities of West Newbury and Merrimac MA, as well as Newton, NH.