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Charter One offers Winterization Loan program in Chicago area
CHICAGO (November 17, 2006) - Charter One Bank today announced it is offering an unsecured loan to help low-to-moderate income homeowners in the Chicago area finance winterization projects that will help make their homes more energy-efficient. Beginning today and continuing until March 31, 2007, the Charter One Bank Winterization Loan offers select homeowners the ability to borrow $1,000 to $3,000 at a rate of 1% APR for as long as 84 months. A 3% APR is available for loans of $3,001 up to $10,000 for up to 84 months.
“Homeowners can take advantage of these below-market rate loans to make energy efficient improvements to their homes like upgrading furnaces or home-heating systems, installing storm windows and doors, or adding insulation,” said Senior Vice President Frank McGovern, Charter One’s Director of Illinois Retail Banking. “We are continually looking for products to meet our customers’ needs and hope they find this loan offer helpful in preparing their homes for the winter.”
The Charter One Bank Winterization Loan is being offered during the winter months to assist homeowners who might not otherwise qualify for loans. Often projects to improve a home’s energy efficiency are either postponed until the necessary funds can be saved or financed with a higher rate credit card. This new product will save consumers money, help homeowners conserve energy, and may increase a home’s value.
The Charter One Bank Winterization Loan generally is designed for applicants with incomes less than 80 percent of the area median income or who live in a low- or moderate-income census tract. The $1,000 1% APR fixed rate loan with a three-year term requires 36 low monthly payments of $28.20. The 1% APR loan requires monthly payments to be automatically deducted from a Charter One Bank checking or savings account. Otherwise, higher APRs may apply. There are no fees or closing costs. Loan applicants must own and occupy their home or condo where improvements are being made and will need to provide work estimates for the cost of energy efficient home improvements. There is a minimum monthly payment of $25 for the Charter One Bank Winterization Loan, which may limit the maximum loan term in months available depending on the loan amount. Only one 1% APR loan is permitted per household. Other limits or restrictions may apply.
Under the income guidelines and for larger home improvement projects, Charter One Bank is also offering a 3% APR on loans of $3,001 up to $10,000 with terms up to seven years. For example, a $10,000 loan at a 3% APR with a seven-year term would result in 84 monthly payments of $132.13.
To apply for the Charter One Bank Winterization Loan, homeowners should visit a Charter One Bank branch or call 1-877-TOP-RATE. Charter One Bank is an equal housing lender.
About Charter One Bank, N.A.
Charter One Bank, N.A., is a $46 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has 474 branches and more than 800 ATMs. It has 120 branches and 388 ATMs in Illinois. Charter One is a subsidiary of Citizens Financial Group, Inc., a $164 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,200 ATMs and 26,000 employees in a 13-state retail branch network and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of March 31, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
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