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Mortgage Rates

Program	Interest Rate	Points	APR	Monthly Payments per $1000 borrowed
Adjustable Rate Mortgages* (Effective: Friday, July 30, 2010)
The Melrose Mortgage 5/1 ARM - 30¹	3.750%	0	3.392%	$4.63

The Melrose Mortgage 5/1 ARM - 40²	4.250%	0	3.504%	$4.34

3/1 Year ARM³	3.750%	0	3.311%	$4.63

5/1 Year ARM - 30³	3.875%	0	3.436%	$4.70

5/1 Year ARM - 40⁴	4.375%	0	3.543%	$4.42

7/1 Year ARM - 30³	4.250%	0	3.703%	$4.92

7/1 Year ARM - 40⁴	4.750%	0	3.833%	$4.66
*Rate and Annual Percentage Rate (APR) are based on 20% down and are subject to change without notice. Available on owner-occupied 1-4 family homes and condominiums. Minimum loan amount for these rates is $150,000. Please contact us directly for mortgage rates on loans less than $150,000. Minimum downpayment for 1 family and condo units is 5%, 2 family is 10%, 3 & 4 family is 20%. Private Mortgage Insurance required with less than 20% down and will increase the APR. APR includes $495 application fee; $19.00 flood certification fee, and $85 tax service fee. Some Adjustable Rate Mortgages (ARMs) prepaid within 3 years may incur a pre-payment penalty. ARM interest rates and APRs are NOT fixed and may increase after consummation of the loan. Loan amounts to $1,000,000. 1. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 30 year term. Property must be located in Melrose, MA. Purchase transactions only. These rates require that the minimum monthly payment be automatically deducted from a Melrose Cooperative Bank Totally Free or NOW Checking Account, otherwise the rate & APR may be higher. 2. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 40 year term. Property must be located in Melrose, MA. Purchase transactions only. Automatic payment from Melrose Cooperative Bank Totally Free Checking Acct. required. 3. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 30 year term. 4. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 40 year term.

Program	Term	Interest Rate	Points	APR	Monthly Payments per $1000 borrowed
Fixed Rate Mortgages* (Effective: Friday, July 30, 2010)
Fixed Rate	15 years	3.875%	1	4.112%	$7.33
	20 years	4.500%	1	4.689%	$6.33
	30 years	4.625%	1	4.764%	$5.14
	15 years	4.125%	0	4.214%	$7.46
	20 years	4.750%	0	4.821%	$6.46
	30 years	4.875%	0	4.927%	$5.29
*Rate and Annual Percentage Rate (APR) are based on 20% down and are subject to change without notice. Rates may be higher for Borrowers with FICO Scores below 740 and/or Loan-to-Value Ratios above 60%. Rates quoted are available on owner-occupied 1-4 family homes and condominiums. Some conditions/limitations apply. These rates require that the minimum monthly payment be automatically deducted from a Melrose Cooperative Bank Totally Free or NOW Checking Account, otherwise the rate & APR may be higher. Minimum loan amount for these rates is $150,000. Please contact us directly for mortgage rates on loans less than $150,000. Minimum downpayment for 1 family and condo units is 5%, 2 family is 10%, 3 & 4 family is 20%. Private Mortgage Insurance required with less than 20% down and will increase the APR. APR includes $495 application fee; $19.00 flood certification fee, and $85 tax service fee. Maximum loan amount for single family homes and condominiums is $417,000. Contact one of our Loan Officers for jumbo loan rates and maximum loan limits for 2-4 unit dwellings.

Program	Interest Rate	Points	APR	Monthly Payments per $1000 borrowed
Home Equity Loans* (Effective: Friday, July 30, 2010)
Fixed Rate Home Equity Loan�	6.490%	0	6.490%	$8.71

Home Equity Line of Credit�	4.000%	0	4.000%	$3.33
*Rate and Annual Percentage Rate (APR) are available on owner-occupied 1-4 family homes and condominiums. Minimum loan/line amount is $25,000. Automatic loan payments from a Melrose Cooperative Bank checking account are required for these terms. $300 Application Fee refunded for balances of $50,000 or more drawn at closing. Maximum $300 closing cost assumes that Line of Credit is behind conventional first mortgage. Melrose Cooperative Bank lien must be in second position for these loan terms. If Loan/Line is in first position, borrower is responsible for all closing costs including plot plan, title search, title insurance, etc. Est. Closing Costs = approx. $1,500.00. Total liens on real estate may not exceed 80% of its current appraised value. Homeowner's insurance is required on the home securing the loan/line. Consult your tax advisor regarding the deductibility of interest paid. Rate quoted is for terms of 5-15 years. CALL US FOR INFORMATION REGARDING FIXED RATE HOME EQUITY LOANS FOR LONGER TERMS (UP TO 20 YEARS!) 2 (Prepayment penalty of up to 6 months interest may be imposed if loan is paid in full within 36 months of opening. Ask Bank for details. Rate is increased 1/2% if payments are not automatically deducted from a Melrose Cooperative Bank checking account.) 3 The rate is equal to the Prime Rate less 1/2% for the life of the line. Quoted rate of 4.00% APR equals minimum ("floor") rate. Prime Rate of 3.25% as of October 1, 2009. The interest rate for lines without automatic payment from Melrose Cooperative Bank checking account will be equal to the Prime Rate (with a minimum rate of 4.50%.) Rates for all lines adjust monthly based on the Wall Street Journal Prime Rate effective on the first business day of the month. Maximum APR is 18%., minimum APR is 4.0%. Early termination fee of $500 will be imposed if the line is paid in full and closed within 24 months of account opening. Homes currently for sale or intended to be sold within 12 months are not eligible for these terms. Contact us for other terms.

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