SPENCER SAVINGS BANK

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SPENCER SAVINGS BANK
River Drive Center 3, 611 River Drive
Elmwood Park, NJ 07407
Tel: 1-800-363-8115

Lock into a great fixed rate with Spencer
If you plan on owning your home for a while, then you should lock into a great rate with Spencer. Our fixed rate mortgages are structured so interest rates and monthly payments remain constant throughout the life of the loan. You'll have the security of knowing that your interest and monthly payments will never increase.

With a Spencer fixed-rate mortgage, you have two options for saving. You can lock into a long term and have lower monthly payments, or you could lock into a shorter term and save thousands of dollars in interest because your loan will be paid off faster. The choice is yours, but either way, you'll save money with Spencer.

A fixed rate with Spencer Savings means:
• Fixed interest rate for the life of the loan
• Security in knowing your interest rate will not increase
• Smart choice if you are planning to stay in your home 10+ years

Enjoy low monthly payments with a Spencer adjustable rate mortgage (ARM)

A Spencer Adjustable Rate Mortgage (ARM) is ideal when you only plan on keeping your home for 3 to 10 years or when you'd rather pay less now, but expect your income to increase in future years.

ARMs usually start out with a lower interest rate than fixed rate mortgages and remain constant for a specified amount of time.After the initial period, the rate is adjusted for a specific period of time, and can go up or down according to the index, margin and adjustment period/lifetime caps stated.

An adjustable rate with Spencer Savings means:
• Interest rates change periodically based on an index
• Initial rates usually less than traditional fixed rates
• Annual/Lifetime cap on interest rate changes