Hartford Business Journal

HartfordBusiness.com | March 8, 2021 | Hartford Business Journal 19 Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. Home Equity Products are subject to credit approval. Berkshire Bank Institution NMLS Registry Number – 506896. The minimum loan amount is $15,000 and maximum loan amount is $400,000; maximum loan amount for properties located in Eastern Massachusetts is $650,000. Home Equity products require a Berkshire Bank checking account. Berkshire Bank's footprint includes: MA, CT, VT, RI, ME, NH & Upstate NY. HELOAN eligible properties: 1-4 family primary residences, 1 unit qualified second homes, and 1-4 family non-owner occupied properties. Financing not available on rehabilitation loans, manufactured housing, or homes currently offered for sale. Closing Costs: The Bank pays standard fees including title search, credit report, flood certification, mortgage recording, property valuation, including up to 1% of New York State borrower mortgage tax on the first $250,000; borrower is responsible for the remaining New York State borrower mortgage tax. Non-standard third party fees that are not part of the recapture fee, when applicable, are paid by the borrower. These include, but are not limited to: third party lender's subordination fee, subordination recording fee, discharge recording fees, condo/HOA document fees, overnight mailing fees, title insurance, attorney fees, appraisal upgrade fee, and appraisal cost for a non-owner occupied property. If applicable, the estimated sum of all charges incurred may range from $30 to $3,000. Recapture Fee: If the account is paid off and closed within 36 months of the Note Date, the Bank will recapture the bona fide third party charges paid by the lender in connection with the transaction. This is not a prepayment penalty. NEW YORK STATE PROPERTIES: Recapture Fee includes lender paid closing costs up to $500 together with the borrower's percentage of mortgage tax paid by the Bank on their behalf. PROPERTIES IN OTHER STATES: Recapture Fee includes bank paid closing costs up to $500. ¹For first lien Closed End Home Equity Loans with terms of 5, 10 or 15 years (For Illustrative Purposes only): *The stated Annual Percentage Rate (APR) is available for 1-4 family primary residences and 1 unit qualified second homes up to 80% loan to value (LTV) in Berkshire Bank's footprint with a Home Equity Loan amount of $15,000 to $400,000. As of 2/4/21: a loan amount of $75,000: 5-year term and 3.25% APR with 60 monthly payments of $1,356.13; 10-year term and 3.375% APR with 120 monthly payments of $737.37; 15-year term and 3.50% APR with 180 monthly payments of $536.27. The payment examples provided do not include taxes and insurance(s), the actual payment obligation may be greater. The interest rates and APRs shown above are dependent on lien position. Your APR will vary based on your final loan amount and actual finance charges. Homeowners insurance is required. Flood insurance may also be required. Consult your tax advisor regarding the deductibility of interest and potential tax savings. Other restrictions may apply. Offer and rates are subject to change without notice. Rev. 2/21 If you own a home and it's worth more than you owe, you may be able to borrow against that equity to: • Make home improvements • Consolidate credit card debt • Pay off medical bills • Help finance education • And more 3.375 % APR 1 For 1st Lien 10-Year Fixed HOME EQUITY LOANS 3.25 % APR 1 For 1st Lien 5-Year Fixed 3.50 % APR 1 For 1st Lien 15-Year Fixed Use the Equity in Your Home to Help Finance Your Future Now is the time to apply Connect with a loan expert. Nicholas Scibelli Branch Officer NMLS #1005443 860.657.3224 nscibelli@berkshirebank.com

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