Home Equity Interest Rates

Rates as of July 30, 2010

Home Equity Loan and Line of Credit Special!

Home Equity Adjustable-Rate Line of Credit
0.00% Introductory APR* through December 31, 2010.^
Current Home Equity Line of Credit APR* is 5.00%

Home Equity Fixed-Rate Loan
0.00% Introductory APR* through December 31, 2010^
5.742% APR*, 3-5 Year Monthly Fixed-Rate Loan
5.502% APR*, 3-5 Year Bi-Weekly Fixed-Rate Loan

*APR = Annual Percentage Rate
^The APR will be 0.00% through 12/31/2010.  Beginning on 1/1/2011, for the remaining term of the loan, the APR will adjust to the regular stated APR at the time the loan opened.  For our Home Equity PrimeLine Line of Credit, the APR will adjust to the highest Prime Rate published in the Wall Street Journal on the last day of the prior month.  Assuming no change in the current prime rate, the APR after 12/31/2010 would be 5.00%.  You will be required to reimburse CCTC certain fees paid to third parties if it is terminated within three years after the opening date.  These can be as low as $255.30 for a $7,500 credit line or as high as $2,722.80 for a $200,000 credit line.  The lifetime cap for the line of credit is guaranteed not to exceed 16.0% APR, with a floor of 5.00% APR.  Collateral mortgage required to be filed.  Subject to credit approval.  Rates subject to change without notice.  Consult your tax adviser for more information regarding the deductibility of interest and fees.

Monthly Fixed-Rate Loans

Monthly Fixed-Rate Loan Payment Examples:

Bi-weekly Fixed-Rate Loans

Automatic Payment is required on Bi-weekly Fixed-Rate Loans. APRs listed above take into account the .25% reduction for Automatic Payment.

Bi-weekly Fixed-Rate Loan Payment Examples:

 

Adjustable Rate Line of Credit :

Interest rates stated above are for loans $10,000-$50,000
All loans require a collateral mortgage be filed.
All loans subject to credit approval.
Interest rates on loans under $10,000 will be 0.50% higher.
Interest rates on loans over $50,000 will be 0.25% lower.
Interest rates subject to change without notice.
Interest rates will be discounted .25% for autopay from a checking or savings account at Chemung Canal Trust Company for fixed term Home Equity Loans only. Automatic payment required for bi-weekly loan.

The lifetime cap is guaranteed not to exceed 16.0% APR, with a floor of 5.00% APR.

*APR = Annual Percentage Rate
**The Annual Percentage Rate will adjust monthly to the highest Prime rate published in the Wall Street Journal on the last business day of the prior month.

Homeowners hazard insurance required on all properties and flood insurance required on all properties in flood zones. This offer may be withdrawn at anytime, without notice.

For more information, please call us at (607) 737-3739 or toll-free at (800) 836-3711 and ask to speak with a Home Equity Specialist. Or apply online.