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Shore Community Bank Newsletter
www.shorecommunity.bank  |  732-573-1136August 2017
 

 
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Shore Specials!

Join us in celebrating our 20th Anniversary!

Limited Time Only!

Home Equity Line of Credit Special Offer

Introductory Variable Rate First Twelve Billing Cycles Prime -.50%      3.75% APR1 (variable)

Thereafter, Receive a Competitive Variable Rate of …                             4.75% APR1 (variable)

Shore Community Bank’s Home Equity Line of Credit Features:

  • 1st lien position only
  • Minimum loan amount of $50,000
  • Initial draw of $25,000 at time of closing
  • No Annual Fees
  • No Closing Fees
  • Access your funds by check or direct transfer
  • Manage your account through Shore 24 Online Banking
  • Interest may be tax deductible2

Call or visit us at any one of our convenient locations to fill out an application.

1 The introductory variable Annual Percentage Rate (APR) shown equates to Prime minus .50%. This APR will apply to the first twelve (12) billing cycles after closing. Thereafter, the APR will be at Prime + .50%for the life of the credit line. Prime equates to the highest Prime Rate as quoted in the Wall Street Journal on the last business day of the prior month. As of 7/10/17, the Prime Rate was 4.25% resulting in the advertised variable introductory APR of 3.75%. The credit line is a 20 year term with a 10 year draw period. Line of credit is subject to credit approval. Rates/APRs are variable and subject to change without notice. During the term of the line of credit, your interest rate will never exceed 16%. This is a variable rate transaction. The APR is subject to change. Maximum Loan to Value is 80%. Property securing the line of credit must be a 1-4 family primary or secondary residence located in New Jersey. Insurance must be sufficient to cover the line of credit including but not limited to hazard and flood. Offer valid on lines of credits with a minimum amount of $50,000 and a minimum draw of $25,000 at time of closing. Other rates are available for lines of credit in amounts below $50,000. Early termination fees may apply if the loan is terminated within the first three (3) years. Ask us for details.

2 Consult your tax advisor
Member FDIC      Equal Housing Lender
 
Mortgage Rates!

 

30 Year Conventional Fixed Rate        3.875%    APR 3.92%*
 15 Year Conventional Fixed Rate        3.25%    APR 3.35%**

Call 732.573.1136 or visit any one of our Branches for a customized rate quote and
FREE mortgage checkup!

 

*Payment example:  On a 30 year fixed mortgage with a loan amount of $200,000 and an interest rate of 3.875%, the principal and interest payment would be $940.47 per month. .  ** On a 15 year fixed mortgage with a loan amount of $200,000 and an interest rate of 3.25%, the principal and interest payment would be $1,405.34 per month. Rates based on 20% down payment purchase transaction up to $417,000 loan amount.  Interest rates on mortgages may vary. Rates are subject to change without notice.

Cool Ways to Save Extra Money
A little creativity and thought can save you a lot of money


There are many ways to save a little extra money each month, so of which have added benefits beyond financial ones. Have a little fun and get some great additional perks with these five out-of-the-ordinary ways to save extra money.
[FULL STORY]

Why It’s Important to Have a Specific Small Business Checking Account
There are many reasons to have a separate checking account for your business


Whether you’re operating a startup or a company with decades of history, it’s important to keep your business’ finances separate from your personal assets.
[FULL STORY]

What is Escrow and How Does it Work?
Understanding how you can use an escrow account when purchasing a home


If you are in the process of buying a home, you will probably hear the term “escrow” multiple times throughout the transaction—both before and after the real estate settlement itself. But since the term is used to describe different stages of the home buying process, it can be a bit confusing when you are trying to pin down the exact definition.
[FULL STORY]

Could You Benefit From a Personal Loan?
Personal loans can be easy to secure and have many uses


A personal loan is typically easier and quicker to take out than via other means, such as a home equity loan. Whether you could personally benefit from a personal loan, however, is a matter of your current financial situation and what you would seek to do with it.
[FULL STORY]

Published by Shore Community Bank
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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.
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