Carthage Savings and Loan Association Launches Special Home Equity Credit Line

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Carthage Savings and Loan Association is offering a 1.99 percent annual percentage rate on home equity loans through Dec. 31, 2017. Part of the loan may be converted to a fixed rate for up to 10 years.

"No closing costs means Carthage pays the usual closing fees, which include a title search, New York state mortgage tax and the filing fees," said Thomas H. Piché, president and CEO of Carthage Savings and Loan Association."

Carthage Savings and Loan Association announces an introductory 1.99 percent annual percentage rate (APR) on a home equity line of credit with no closing costs through Dec. 31, 2017. On Jan. 1, 2018, the APR rises to prime + 0 percent with a floor rate of 4%, (Prime on 03/15/17 is 3.75%). A portion of the loan may be converted at any time to a fixed rate for a specified period up to 10 years.

"No closing costs means Carthage pays the usual closing fees, which include a title search, New York state mortgage tax and the filing fees," said Thomas H. Piché, president and CEO of Carthage Savings and Loan Association. "These fees typically range from $200 to $750 plus the mortgage tax, which equals 0.5 to 1 percent of the mortgage. Our loan specialists would be happy to answer questions and provide further information to interested homeowners."

Home equity loans are sums of money determined by the borrower's equity in a home. An appraisal may be ordered to determine the equity of the home from which the amount owed on its mortgage is deducted. When a significant portion of the mortgage has been paid, the home has increased in value, or a combination of the two, the owner's equity in the home may be used as collateral for a loan.

A typical home loan carries a fixed rate of interest, specific repayment period and monthly payments that remain the same throughout the duration of the loan. Home equity loans are a popular choice because they provide lines of credit that can be drawn upon when needed by check, debit or account transfer.
Since it is considered to be mortgage interest on a home, the interest paid on a home equity loan may be deductible from taxable income (consult your tax preparer).

Carthage Savings repayment structures are designed for convenience, and locally-based services are provided for questions, answers and concerns. Applications are available online or by visiting a loan specialist at Carthage Savings.

For more information on this special offer and all home equity loans, please see http://www.carthagesavings.com, call (315) 493-3480, or write or visit Carthage Savings, 313 State Street, Carthage, NY 13619.

Founded in 1888, Carthage Savings and Loan Association is a customer-owned "mutual" association that answers to its customers instead of stockholders. It manages more than $200 million in assets with a $160 million loan portfolio funded primarily by local deposits. With offices in Carthage, Watertown and Clayton, N.Y., Carthage Savings offers Surcharge-Free ATMs, Online Bill Pay and Mobile Banking and Deposits

Member FDIC. Equal Housing Lender.

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Teri Ellis
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