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Loan Disclosures

Mortgage Loan Disclosure

Rates shown are Best Rates based upon credit scores.  Interest rates and/or points are subject to change without notice, and may vary based on credit quality, loan amount and property type. The Annual Percentage Rates (APRs) disclosed assume a 20% down payment on the purchase of an owner occupied one unit dwelling, with no secondary financing. The APR does not include recording fees or title insurance.

The interest rate for Adjustable Rate Mortgage (ARM) loans may increase after the initial fixed rate period. All loans subject to credit approval. Rates quoted are for loans with escrow accounts and are for 30 day lock period, extended rate lock periods are available, but may be at a higher rate and/or additional fee.

Note on ARM “Caps” numbers (example: 2/5):  The first number indicates the maximum percentage amount the loan may adjust to in any single year. The second number indicates the total maximum percentage the loan may adjust to during the life of the loan. It is the reader’s responsibility to verify rates with an MBT loan officer.

Consumer Loan Disclosures

Home Equity Loans:

Rates shown are currently available for home equity installment loans with a term of 72 months and an amortization of 240 months. Rates assume a loan-to-value ratio of 80% or less and depend on credit qualifications. A balloon payment will result at the end of the 6 year period. The minimum loan amount is $5,000. Rates assume a pre-authorized transfer from a Monroe Bank & Trust deposit account. Add .25% to stated rates when a pre-authorized plan is not established. For example, if you borrow $50,000 for 72/240 months at 4.816% APR, the monthly payment will be $324.08 with a balloon payment of $40,044.57 due at maturity. Property, title, and/or flood insurance, if applicable, is required. Consult your tax advisor about the deductibility of interest.

Home Equity Line of Credit:

Offer is subject to credit approval. The variable Annual Percentage Rate (APR) for the line is based on the Prime Rate (which as of April 2, 2014 is 3.25%). The rate for your line will depend on your credit qualifications and loan-to-value ratio, and will range from a variable APR of Prime (currently 3.25% APR) to Prime + .75% (currently 4.0% APR). In any event, your APR will never exceed 25.00% per annum or less than your initial rate.  Rates assume a pre-authorized transfer from a Monroe Bank & Trust deposit account. Add .25% to stated rates when a pre-authorized plan is not established. Minimum credit limit is $5,000. Credit limit is based on loan-to-value ratio and credit qualifications. No appraisal fee on loans of $100,000 or less. Fees for customer-requested appraisals are the customer’s responsibility. An annual fee of $75.00 is charged at the beginning of each year beginning in the 13th month, and will be charged to the account as an advance. Property, title, and/or flood insurance, if applicable, is required. Consult your tax advisor about the deductibility of interest.  For a home equity line which requires interest only payments, the principal balance is not reduced. Paying only the minimum payment amount will result in a balloon payment.  For example, if you borrow $50,000 for 120 months at 3.25% APR and made only interest payments, at the end of 10 years you would have a balloon payment of $50,133.56 due.  It’s a good practice to consider paying more than the minimum payment each month in order to pay down the principal.  

Vehicle Loans:

Term on vehicles with 100,000 miles or more is 24 months. 15% minimum down payment on used vehicles based on "clean" retail category in current NADA Guide, or purchase price, whichever is results in a larger down payment. MBT may require a larger down payment based upon borrower's credit score, vehicle history and age.

Best rates shown based on credit score. Published rates assume monthly payments automatically deducted from a Monroe Bank & Trust deposit account. Rates above may be changed at any time and without advance notice. It is the reader’s responsibility to verify rates with an MBT loan officer. All products and services are subject to Bank and credit approval. For example if you borrow $20,000 for 60 months at 2.99%, the APR would be 3.33%, the monthly payment will be $362.35. The minimum monthly payment on all loan types is $100.00. The minimum loan amount for vehicle loans is $2,000.00. There is a $100 Loan Processing Fee on all Auto Loans.

Personal Secured:

Best rates shown based on credit score. Published rates assume monthly payments automatically deducted from a Monroe Bank & Trust deposit account. Rates above may be changed at any time and without advance notice. It is the readers responsibility to verify rates with an MBT loan officer. All products and services are subject to Bank and credit approval.

For example if you borrow $20,000 for 60 months at 4.69%, the APR would be 5.06% and the monthly payment will be $378.00. Qualifying collateral may be amortized up to 15 years. Minimum down payment on boats & RV's 10% of value or purchase price, whichever results in a larger down payment. Minimum down payment on all other collateral 20% of value or purchase price, whichever results in a larger down payment. There is a $100 Loan Processing Fee on all Auto Loans. The minimum monthly payment on all loan types is $100.00. The minimum loan amount is $1000 for Home Improvement Loans, $2000 for all other loans.

No financing on RV's older than 10 years old.

Loans Secured by an MBT CD or Savings Account:

Rate is two percent above your Savings or CD rate. Minimum Rate is 2.10% / 2.73% APR

For example if you borrow $10,000 for 60 months at 2.73% APR the monthly payment will be $178.47. No maximum limit on loan amount as long as amount is equal to or less than the amount of your CD or savings account balance1.

The minimum loan amount is $1000 for Home Improvement Loans, $2000 for all other loans. Repayment term up to 60 months but may be amortized up to 240 months2.

The minimum monthly payment on all loan types is $100.003.

Loans up to $9,999.99 will have a $100.00 loan processing fee. Loans $10,000.00 or greater will have a $150.00 loan processing fee.

1Loans secured by CD or Savings accounts must be equal to or less than the amount of the CD or savings account. You must maintain an account balance equal to or greater than the original amount of the loan and a withdrawal hold in that amount  will be placed on your account until repayment is completed. Funds in excess of the original loan amount will be available for withdrawal.

2 Maximum repayment term is 60 months (For savings or CD secured) or the CD maturity date, whichever comes first. Loan may be amortized over a longer period of time but must match CD maturity date. For example: If you borrow $25,000 at 2.27% APR for 60 months amortized over 240 months your payment will be $128.77 for 59 months with a balloon payment due at the end of 60 months.

3 Repayment will be by monthly payments determined by the loan amount and the Annual Percentage Rate (APR) tied to your interest rate, but not less than $100 per months.

Boat & RV Loans:

Best rates shown based on credit score. Published rates assume monthly payments automatically deducted from a Monroe Bank & Trust deposit account. Rates above may be changed at any time and without advance notice. It is the reader’s responsibility to verify rates with an MBT loan officer. All products and services are subject to Bank and credit approval.

The Annual Percentage Rate (APR) and payment amount will vary, and is determined by your collateral, term, loan amount and credit qualifications.

For example if you borrow $50,000 for 180 months at 5.49%, the APR would be 5.62% and the monthly payment will be $411.60. Qualifying collateral may be amortized up to 15 years. Minimum down payment on boats & RV's 10% of value or purchase price, whichever results in a larger down payment. There is a $100 Loan Processing Fee on all Boat & RV Loans up to $9,999.99. There is a $150 Loan Processing Fee on all Boat & RV Loans over $10,000. The minimum monthly payment on all loan types is $100.00. The minimum loan amount is $1000 for Home Improvement Loans, $2000 for all other loans.

No financing on RV's older than 10 years old.

Every effort has been made to present current and accurate loan rates, conditions and qualifying information. However, rates and accompanying data shown on the website are provided for information only and do not constitute a guarantee of availability and are not a solicitation for purchase. It is the reader's responsibility to confirm and verify all rates and loan conditions with an appropriate MBT loan officer.

 

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