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Barre Paxton Princeton Toll Free: (877) 355-4693 www.barrebank.com THE BEST
Barre Paxton Princeton Toll Free: (877) 355-4693 www.barrebank.com THE BEST HOME EQUITY FINANCING!8.00% Annual Percentage Rates (APRs), as of July 3, 2006 and subject to change. Restrictions may apply. *Home Equity Loans: APRs are fixed for the term of the loan and based on automatic payments from a Barre Savings Bank account. Monthly payments per $1,000 borrowed at 5.50% APR for 36 months are $30.20; at 5.74% APR for 60 months are $19.21; at 6.50% APR for 120 months are $11.35; at 7.00% APR for 180 months are $8.99. Available equi-ty is 80% of the appraised value less balance of any first mortgage. **Home Equity Line: APR is a variable rate based on the Wall Street Journal PRIME rate as published on the first business day of the month (currently 8.25% APR) minus .25%. Save an additional .25% with automatic payment from a Barre Savings Bank account.
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CONSUMER WATCH: ARMs present some risks as rates increase
Lenders boost their home equity lines of credit nearly every time the Federal Reserve Board raises a key interest rate. Adjustable-rate mortgages are going up as well, though most have some built-in protections from fast-moving rate adjustments.
After four quarter-point Fed increases in 2006 alone -- a total of 17 consecutive increases since 2004 many consumers are in debt over their heads. More may be looking at foreclosures.
Mortgage delinquencies rose in the first quarter of 2006 over the same period in 2005, reported the Mortgage Bankers Association in Washington
"Additional modest increases in delinquency and foreclosure rates are likely in the quarters ahead," warned MBA chief economist Doug Duncan.
With every spike in the federal funds rate -- the rate banks charge one another for overnight loans -- banks respond by raising the prime rate, the interest rate they charge their best customers and the ones most often tied to home equity lines.