Home Equity

Northern Bank & Trust Company offers a variety of home equity loan options to help you get the most out of the equity in your home. Our home equity line and loan products are a smart, affordable way to make home improvements, finance a college education, consolidate debt and even refinance an existing higher rate home equity line from another financial institution!

Home Equity Line of Credit - for owner occupied properties
If you are looking for a flexible revolving line of credit, Northern Bank & Trust Company has an outstanding value for you!
Our home equity line of credit offers:

• Prime – 1.25% for the life of the loan.  Currently, the APR is 5.99%.*
• No Points.
• No Closing Costs.
• Access funds easily by writing a credit line check.
• Interest-only payments during the draw period.
• Take advantage of potential tax savings. **
• Quick turnaround time.
• Pay no annual fee with our premium Northern Light Checking package!

* Variable Rate Account - The Annual Percentage Rate (APR) is adjusted on the first day of each month to be equal to the most recent Wall Street Journal (WSJ) prime rate minus 1.25%.  The WSJ prime rate as of May 1, 2008 was 5.00%. Maximum APR will not exceed 18.00%; minimum APR is 5.99%. An early termination fee of $500.00 will be assessed if the line is closed within the first 3 years. Annual fee of $50.00 is waived for the first year (and for Northern Light Checking account holders). Maximum loan-to-value of liens on property may not exceed 80% of tax assessed or appraised value.  Property insurance required. Minimum line of $30,000.00; maximum line is $400,000.00.  Available on owner-occupied, 1 -4 family homes (including condominium units).  Not available on homes for sale.  Subject to credit and underwriting approval. Offer is for a limited time only and may be changed or withdrawn by the bank without notice.
** Consult with a tax advisor regarding the deductibility of interest.

Home Equity Line of Credit - for Investment Property and Second Homes
If you are looking for a flexible revolving line of credit, Northern Bank & Trust Company has an outstanding value for you!
Our home equity line of credit offers:

• Prime – 1.00% for the life of the loan.  Currently, the APR is 6.24%.*
• No Points.
• No Closing Costs.
• Access funds easily by writing a credit line check.
• Interest-only payments during the draw period.
• Take advantage of potential tax savings.**
• Quick turnaround time.
• Pay no annual fee with our premium Northern Light Checking package!

*Variable rate account.   The Annual Percentage Rate (APR) is adjusted on the first day of each month to be equal to the most recent Wall Street Journal (WSJ) prime rate minus 1.00%.  The WSJ prime rate as of May 1, 2008 was 5.00%. Maximum APR will not exceed 18.00%; minimum APR is 6.24%. An early termination fee of $500.00 will be assessed if the line is closed within the first 3 years. Annual fee of $50.00 is waived for the first year (and for Northern Light Checking account holders). Maximum loan-to-value of liens on property may not exceed 70% of tax assessed or appraised value.  Property insurance required. Minimum line of $30,000.00; maximum line is $250,000.00.  Available on investment and second homes only; not available on homes for sale.  Subject to credit and underwriting approval. Offer is for a limited time only and may be changed or withdrawn by the bank without notice.
** Consult with a tax advisor regarding the deductibility of interest.

Home Equity Loan

Whether you are looking to refinance a first mortgage, combine your debts or take out a fixed second, we have many different terms and programs to choose from. We even have an outstanding program for non-owner occupied properties.

Available rates and terms are as follows:

Term	APR**	Payments per $1,000.00 Borrowed
5 Year	WSJ Prime + .75%** (5.75%)	60 Months @$19.22
10 Year	WSJ Prime + .99%** (5.99%)	120 Months @ $11.98
15 Year	WSJ Prime +1.50%** (6.50%)	180 Months @ $8.71

**Annual Percentage Rates (APRs) are tied to the Wall Street Journal (WSJ) Prime Rate. The WSJ Prime Rate as of May 1, 2008 was 5.00%. The stated APRs require automatic deduction of monthly loan payments from a Northern Bank & Trust Company checking account. Without automatic deduction, the rate will be higher. No Points; no closing costs. Minimum loan amount is $20,000.00; maximum loan amount on 1-4 family owner occupied properties is $400,000.00; maximum loan amount on 1-4 family non-owner occupied properties is $250,000.00. Maximum loan-to-value of liens on property may not exceed 80% of tax assessed or appraised value. Property insurance is required. Rates subject to change without notice. Subject to credit and underwriting approval. Prepayment penalty applies.

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So don’t wait to take advantage of these great rates!
Let Northern Bank & Trust Company harness the strength of your home equity! To find out more about a Northern Bank & Trust Home Equity line or loan, visit one of our convenient branch locations or call 978-805-4225.

To meet the Mortgage Team - click here.