Loan Disclosures

Mortgage Loan Disclosure

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. 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’s interest rate may adjust to in any single year. The second number indicates the total maximum percentage the loan’s interest rate may adjust to during the life of the loan. 

Best rates shown are based on credit score. It is the readers responsibility to verify rates with a Monroe Bank & Trust loan officer. All loans are subject to credit approval.

Consumer Loan Disclosures

Rates shown are currently available for home equity loans with a term of 240 months. Rates assume a loan-to-value ratio of 80% or less and depend on credit qualifications. The loan is an Adjustable Rate Mortgage where the interest rate may increase after the initial fixed rate period.  Adjustments to the rate after the initial fixed rate period are limited to no more than 2% annually and no more than 5% over the initial rate during the entire term of the loan. The minimum loan amount is $5,000.00. For example, if you borrow $50,000.00 for 240 months at an initial 5.25% interest rate, the APR is 5.484% and the monthly payment will be $336.92 for 72 months.  The following 168 payments will be according to the adjustable rate feature of the loan and may be higher than your initial payment.  Property, title, and/or flood insurance, if applicable, is required. Published 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. All loans are subject to credit approval. 

Home Equity Line of Credit:

The variable Annual Percentage Rate (APR) for the line is based on the Prime Rate (which as of August 15, 2018 is 5.00%). Prime Rate is published in the Wall Street Journal. 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 -0.01% (currently 4.99% APR) to Prime + 1.00% (currently 6.00% APR). In any event, your APR will never exceed 25.00% per annum. Minimum credit limit is $5,000.00. Credit limit is based on loan-to-value ratio and credit qualifications. No appraisal fee on loans of $100,000.00 or less. Fees for customer-requested appraisals are the customer’s responsibility. Property, title, and/or flood insurance, if applicable, is required. HELOC’s have a 10-year advance period followed by a 20-year repayment period.  During the advance period, you will be required to make monthly payments of accrued interest.  Payments will increase if rates increase.  Your minimum payment during the Advance Period will not decrease the principal balance on your account.  At the end of the advance period, your required monthly payments will increase, because you will be paying both principal plus interest.  The principal portion of your monthly payment during the repayment period will be 1/240th of the principal balance remaining at the end of the advance period. Published 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. All loans are subject to credit approval.

Vehicle Loans:

Down payment Requirement: Used (Purchase Money)-The lesser of 90% of Clean Retail based on NADA or 100% of the purchase price; New – Dealer Purchases may finance up to 100% of Dealer Invoice, however, a down payment of 10% is recommended. Monroe Bank & Trust may require a larger down payment based upon borrower’s credit score, and vehicle history and age. For example, if you borrow $20,000.00 for 60 months at 3.74%, the APR would be 4.15%, the monthly payment will be $369.72. The minimum monthly payment on all vehicle loan types is $100.00. The minimum loan amount for vehicle loans is $2,000.00. Loans up to $9,999.99 will have a $125.00 loan processing fee. Loans $10,000.00 or greater will have a $175.00 loan processing fee. Best rates shown are based on credit score. Rates may be changed at any time and without advance notice. It is the readers responsibility to verify rates with a Monroe Bank & Trust loan officer. Published 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. All loans are subject to credit approval.

Personal Secured:

Qualifying collateral may be amortized up to 15 years. Minimum down payment on collateral 20% of value or purchase price, whichever results in a larger down payment. For example, if you borrow $20,000.00 for 60 months at 6.49%, the APR would be 6.89% and the monthly payment will be $394.97. The minimum monthly payment is $100.00. The minimum loan amount is $1,000.00 for Home Improvement Loans, $2,000.00 for all other loans.  Loans up to $9,999.99 will have a $125.00 loan processing fee. Loans $10,000.00 or greater will have a $175.00 loan processing fee. Best rates shown are based on credit score. Rates may be changed at any time and without advance notice. It is the readers responsibility to verify rates with a Monroe Bank & Trust loan officer. Published 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. All loans are subject to credit approval.

Loans Secured by a Monroe Bank & Trust CD or Savings Account:

Rate is 2.500% above your Savings or CD rate. For example if you borrow $10,000.00 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 balance. You must maintain an account balance equal to or greater than the original amount of the loan and a hold in that amount will be placed on your account until the loan is repaid. Funds in excess of the original loan amount will be available for withdrawal.

The minimum loan amount is $1,000.00 for Home Improvement Loans, $2,000.00 for all other loans. Repayment term up to 60 months but may be amortized up to 240 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 $25,000.00 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.

The minimum monthly payment is $100.00. Loans up to $9,999.99 will have a $125.00 loan processing fee. Loans $10,000.00 or greater will have a $175.00 loan processing fee. 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 $100.00 per month. All loans are subject to credit approval. 

Vacant Land Loan:

The loan is an Adjustable Rate Mortgage where the interest rate may increase after the initial fixed rate period.  Adjustments to the rate after the initial fixed rate period are limited to no more than 2% annually and no more than 5% over the initial rate during the entire term of the loan. The Annual Percentage Rate (APR) and payment amount will vary, and is determined by the term, loan amount and credit quality. For example, if you borrow $50,000.00 at 6.50% on a 6/1 ARM amortized over 180 months, the APR would be 6.704%. Repayment will be by monthly payments determined by the loan amount and the Annual Percentage Rate (APR), but not less than $100.00 per month. The minimum loan amount is $10,000.00. These terms apply to loans for consumer purpose only. Please consult a commercial lender for vacant land loans with a business purpose. Refinancing your loan may lower your monthly loan payment. However, if you choose a loan term that is longer than the term left on your existing loan, you will pay interest over a longer period of time, and the overall cost of your loan may be higher. Best rates shown are based on credit score. Rates may be changed at any time and without advance notice. It is the readers responsibility to verify rates with a Monroe Bank & Trust loan officer. Published 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. All loans are subject to credit approval.

Boat and Recreational Vehicle Loans:

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 $50,000.00 for 180 months at 6.49%, the APR would be 6.63% and the monthly payment will be $439.09. Qualifying collateral may be amortized up to 15 years. Down Payment Requirement: 10% recommended. Will finance the lesser of 90% of NADA (Clean Retail) or other valuation source, or 100% of purchase price (if purpose is to purchase). There is a $125.00 loan processing fee on all Boat and RV Loans up to $9,999.99. There is a $175.00 loan processing fee on all Boat and RV Loans over $10,000.00. The minimum monthly payment is $100.00. The minimum loan amount is $2,000.00. For non-purchase money, use the Personal Secured rates and terms. Best rates shown are based on credit score. Rates may be changed at any time and without advance notice. It is the readers responsibility to verify rates with a Monroe Bank & Trust loan officer. Published 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. All loans are subject to credit approval.

Private Credit Line:

The minimum loan amount is $5,000.00. The maximum loan amount is $100,000.00. Loans secured by a Monroe Bank & Trust Certificate of Deposit (CD) or Savings account must be equal to or less than the balance of the CD or Savings account. You must maintain an account balance equal to or greater than the maximum credit limit on your loan. A hold will be placed on the CD or Savings account in the amount of your maximum credit limit until you close the loan account. Funds in excess of your maximum credit limit will be available for withdrawal. 

The minimum monthly payment is 1.5% of the outstanding principal balance or $50.00, whichever is greater. Repayment will be monthly, whenever a balance exists, and payments are determined by the outstanding balance and the Annual Percentage Rate (APR) tied to your interest rate, but not less than $50.00 per month.
Loans up to $9,999.99 will have a $125.00 loan processing fee. Loans $10,000.00 or greater will have a $175.00 loan processing fee. The Loan Processing Fee may be financed or paid in cash at account opening. If financed, it will reduce the amount of available credit until repaid. A financed loan processing fee will appear on your first loan statement, and a minimum monthly payment will be due, even if you have not made any other credit advances. If secured by a CD account, the interest rate is fixed and will be 2% above your CD rate with a 3% Floor Rate. The maturity date on a CD secured loan is limited to 60 months maximum term, or the CD maturity date, whichever comes first.  If your loan is secured by a CD and if a balance exists at maturity, it will result in a balloon payment. Your CD secured loan is payable in full upon maturity in a single balloon payment. You must pay the entire outstanding principal, interest, and any other fees and charges then due. Unless otherwise required by applicable law, we are under no obligation to refinance the balloon payment at that time. You may be required to make payments out of other assets you own or find a lender, which may be us, willing to lend you the money. If you refinance the balloon payment, you may have to pay some or all of the closing costs normally associated with a new credit line account, even if you obtain refinancing from us. 

For example, if you borrow $10,000.00 for 60 months at 3.00%, the APR would be 3.042%. The monthly payment is 1.5% of the outstanding balance. The payment on a balance of $10,000.00 is $150.00. Paying only the minimum payment required will result in a balloon payment at maturity. It’s a good practice to consider paying more than the minimum payment each month in order to pay down the principal.

If secured by a Savings or a Wealth Planning and Advisory account, the interest rate is variable, and is based on current Prime Rate, with a 3.00% floor rate. Prime Rate is published in the Wall Street Journal. There is no maturity date when secured by a Savings, or a Wealth Planning and Advisory account. For example, if you borrow $10,000.00 at Prime Rate (as of August 15, 2018 Prime Rate is 5.00%) plus .25%, the APR would be 5.323%. The monthly payment is 1.5% of the outstanding balance. The payment on a balance of $10,000.00 is $150.00.

All loans are subject to credit approval.

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 MONROE BANK & TRUST LOAN OFFICER.