Home Equity Rates

The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only, are subject to change without notice and are based on several factors including, but not limited to loan type, lien position, occupancy, and other variables. This is not a credit decision or a commitment to lend.

 

 

Fixed Rate Home Equity Loan on your Primary Residence in the first lien position: 

Term              Interest Rate*       Points         *APR          Monthly Payment

                                                                                                      Per $1,000 Borrowed

20 Years                 8.375%                   0.00%           8.375%                  $  8.60

15 Years                 8.250%                   0.00%           8.250%                  $  9.70

10 Years                 8.000%                   0.00%           8.000%                  $12.13

           5 Years                 7.750%                   0.00%           7.750%                   $20.16

 

Fixed Rate Home Equity Loan on your Primary Residence in the second lien position or Vacation Homes:

20 Years                 9.000%                   0.00%           9.000%                   $  9.00

15 Years                 8.750%                   0.00%           8.750%                   $  9.99

10 Years                 8.500%                   0.00%           8.500%                   $12.40

  5 Years                 8.125%                   0.00%           8.125%                   $20.34

 

Fixed Rate Home Equity Loan on Investment Property:

20 Years                 9.875%                  1.50%            10.095%                 $ 9.57

15 Years                 9.625%                  1.50%            9.889%                   $10.52

10 Years                 9.375%                  1.50%            9.733%                   $12.87

  5 Years                 9.125%                  1.50%            9.774%                   $20.82

 

 

 

Important Notices for Home Equity Loans:

• Home Equity Loan interest rates are eligible for a discount of minus 0.250% with the automatic debit of the monthly payment from an OceanFirst Bank N.A. checking account. 

• A First Lien Fixed Rate Home Equity Loan is loan that consolidates existing liens (mortgages) into one fixed rate loan on your primary dwelling or should the dwelling have no existing mortgages the new loan request will be a First Lien Fixed Rate

• If you prepay a Home Equity Loan in full and terminate during the first 24 months of the loan term, you will be required to pay an early termination fee of $500.00.

• Property Insurance is required.

 

 

Home Equity Lines of Credit are eligible for your Primary Residence or Vacation Home

The interest rate is based on the Wall Street Journal Prime + 1.000%.

Your rate will never be less than 4.000% floor or higher than 18.000% cap.

 

Principal & Interest Option  

20-Year Term. The monthly payment will be 1/240th of outstanding principal, plus interest. At the end of the term, you will no longer be able to obtain advances & the line must be paid in full. Any outstanding balance remaining will be due & payable. The minimum payment required may not be sufficient to fully repay the principal outstanding.

 

Interest Only Repayment Option

5-year draw period, with monthly payments of interest only; followed by a 15-year repayment of principal and interest. The monthly payment will be 1/180th of outstanding principal, plus interest. At the end of the term, you will no longer be able to obtain advances & the line must be paid in full. Any outstanding balance remaining will be due & payable. The minimum payment required may not be sufficient to fully repay the principal outstanding.

 

Important Notices for HELOCs:

• Home Equity Line of Credit interest rates are eligible for a discount of minus 0.250% with the automatic debit of the monthly payment from an OceanFirst Bank N.A. checking account. 

• If you prepay a Home Equity Line of Credit in full and terminate during the first 36 months of the loan term, you will be required to pay and early termination fee of $500.00.

• There is no minimum inital draw amount for a home equity line of credit.

• Property Insurance is required.