Home Equity Rates

Home Equity Interest Rates

 

PROMOTIONAL RATE

Home Equity LOC
2.00% APR* until March 31, 2015

*APR = Annual Percentage Rate. The APR will be 2.00% through 3/31/2015. Beginning on 4/1/2015, 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 Flex+ Line of Credit, the APR will adjust to the highest Prime Rate published in the Wall Street Journal on the last business day of the prior month. Assuming no change in the current Prime Rate, the APR after 3/31/2015 would be 4.00%. For the line of credit, 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 $726.77 for a $10,000 credit line and there is no maximum loan amount. The lifetime cap for line of credit is guaranteed not to exceed 16.0% APR, with a floor of 4.00% APR. Collateral mortgage required to be filed. Subject to credit approval. Rates subject to change without notice. Consult your tax advisor for more information regarding the deductibility of interest and fees.

 

Rates as of September 17, 2013

Monthly Fixed-Rate Loans

Term (Years)Interest Rate
3 to 5 Years4.250%
6 to 10 Years4.625%
11 to 15 Years4.875%


Monthly Fixed-Rate Loan Payment Examples:

Term (Years) Amount Borrowed Monthly Payment Total Loan & Interest APR*
4 $10,000  $226.91 $10,891.68 4.250%
8 $10,000  $124.82 $11,982.87 4.625%
13 $10,000 $86.67 $13,520.52 4.875%

 

Bi-weekly Fixed-Rate Loans

Term (Years)Interest Rate
3 to 5 Years4.250%
6 to 10 Years4.625%
11 to 15 Years4.875%

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:

 

Term (Years) Amount Borrowed Bi-Weekly Payment Total Loan & Interest APR*
4 $10,000  $113.73 $10,804.35 4.250%
8 $10,000  $63.19 $11,753.34 4.625%
13 $10,000 $43.92 $13,044.13 4.875%


Adjustable Rate Line of Credit
:

 APR*
Flex+4.00%**

All loans require a collateral mortgage be filed.
All loans subject to credit approval.
Interest rates subject to change without notice.
Interest rates will be discounted .25% for autopay from a checking account at Chemung Canal Trust Company. Automatic payment required for bi-weekly loan.

The lifetime cap is guaranteed not to exceed 16.0% APR, with a floor of 4.00% 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) 737-3793 or toll-free at (800) 836-3711 and ask to speak with a Home Equity Specialist. Or apply online.

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