How do I determine if I have enough equity in my home for this loan?
Look at your tax bill and find the total assessed value of your property. Multiply this figure by 70%, and then reduce this amount by your first mortgage balance. The remaining figure is your equity.

Currently, I don't have a first mortgage on my home. Can I still get this product?
No. This product is geared for people who already have a present first mortgage. If you don't mind taking both a first mortgage and an Equity Loan, we can accommodate that request.

Will this Equity Loan be secured by a mortgage on my home?
Yes, this Equity Loan will either be secured by a second or third mortgage on your home.

I already have a first mortgage with another lender and an Equity Line of Credit with NMSB. Will I be able to get this loan as well?
Yes, as long as you have enough equity in your home and you qualify, we can provide you with this Fixed Rate Equity Loan and secure it with a third mortgage on your home.

I have a first mortgage with NMSB and an Equity Line with another lender. Will I be able to get this loan product?
Yes, but your present equity line with the other lender would have to be paid off.

Are there any "hidden" costs I should be aware of?
You will only be charged for two fees: an $18 Flood Determination Certificate and a $50 set up fee. Customer should be aware that if other liens are paid-off at closing, they will be responsible for any discharge fees.

I own my house in the name of a Trust. What other fees could I incur?
In addition to the small fees mentioned above, there will be cost to review the Trust and record said document at the Registry of Deeds. This could increase your cost by as much as $400.

If I need to get an appraisal on my property to find the real value, what will that cost?
Our standard cost for a single family appraisal is $325. A two-family appraisal costs $525.

What's the difference between the appraised value and assessed value of the house?
The "appraised value" is the value of your house as determined by an appraiser. The "assessed value" is the value of your home as determined by the municipal tax department. Usually, the appraised value is higher than the assessed value.

Does this product qualify for Easy Does It bonus deposit interest?
Yes! With this Easy Does It Equity Loan, you can earn a higher rate of interest on one our Easy Does It Certificates of Deposit. Refer to our other Easy Does It product brochures for information on how to earn even more bonus interest!

Do I have to go to an attorney's office?
Yes, all documents will be signed at an attorney's office and typically, there is a three day Right of Rescission period in which no funds are advanced.