Assumptions and examples:
The bank offers home improvement loans with terms of 1 year per $1,000 borrowed up to 180 months. The maximum loan including other liens cannot exceed 90% of the home’s fair market value. Broadway Bank must have a valid first or second real estate lien. The property must be your primary residence and occupied by you.
Property insurance will be required including flood insurance where applicable. Offer does not include manufactured homes. *APR is the Annual Percentage Rate. Rates quoted assume excellent borrower credit history and include a .25% discount for auto debit of the monthly payment from a Broadway deposit account. We will set your APR based on your individual circumstances, including your credit history, loan amount, and our internal credit criteria.
A representative example of payment terms are as follows:
A loan amount of $35,000 with an APR of 6.50% and a term of 180 mos would have a monthly payment of $304.89. A loan amount of $15,000 with an APR of 6.25% and a term of 120 mos would have a monthly payment of $168.42. All loans and lines of credit are subject to credit approval, verification, and collateral evaluation. Rates and terms are subject to change without notice. Other terms available. Standard closing costs up to $350 are paid by the bank and can include a title search, credit report, flood certification, tax services, property inspection and filing fees. Other closing costs can range from approximately $350 (on loans up to $100,000) to $4,000 (on loans over $100,000 up to $250,000). Minimum loan amount is $2,500.