***3.25% APR* (With Checking) Disclosure
*The Annual Percentage Rate (APR) is based on the New York Prime Rate as published in the Wall Street Journal, using the rate published on the sixth of the previous month. The APR is variable and can change monthly, however it will not go below 3.25%^^ or exceed 15.50%. The current index as of 10/31/11 is 3.25%.  Line of credit must be secured by a single-family dwelling that is owner occupied. To open and maintain a Home Equity line of credit, you must pay an annual fee of $50.00. This will be charged beginning 12 months after your note date and every 12 months thereafter for the time that the account is open. You may pay certain fees to third parties to open a line. These fees generally total between $50 and $1200.

^^This 3.25% APR and floor includes a 0.50% discount for applicants who open/or have an existing Cortland Banks consumer checking account in their name with a corresponding automatic funds transfer (AFT) for this loan payment; this discount applies as long as these conditions remain. 

Payment example, if you took a single $10,000 advance and the APR was 3.25%

• Under the monthly interest only payment option, if you made only the minimum interest payments and made no principal reductions, at the end of the 10-year term the principal balance would be $10,000.  During the period, you would make 119 interest payments of $27.60 and one final payment of $10,027.60.

•Under the 1.5% of the balance payment option, if you made only the minimum payments, at the end of the 10-year term the principal balance would have been paid in full.  During the period, you would make 105 payments varying between $150.41, and $100.00, and one final payment of $130.05.

You should consult a tax adviser regarding the deductibility of interest and charges for the line. This offer is subject to credit approval. Not all applicants may qualify for this rate.  Offers may be withdrawn at any time.

****3.75% APR* Disclosure (Without Checking)
*The Annual Percentage Rate (APR) is based on the New York Prime Rate as published in the Wall Street Journal, using the rate published on the sixth of the previous month. The APR is variable and can change monthly, however it will not go below 3.75% or exceed 15.50%. The current index as of 10/31/11 is 3.25%.  Line of credit must be secured by a single-family dwelling that is owner occupied. To open and maintain a Home Equity line of credit, you must pay an annual fee of $50.00. This will be charged beginning 12 months after your note date and every 12 months thereafter for the time that the account is open. You may pay certain fees to third parties to open a line. These fees generally total between $50 and $1200.

Payment example, if you took a single $10,000 advance and the APR was 3.75%:

•    Under the monthly interest only payment option, if you made only the minimum interest payments and made no principal reductions, at the end of the 10-year term the principal balance would be $10,000.  During the period, you would make 119 interest payments of $31.85 and one final payment of $10,031.85.

•    Under the 1.5% of the balance payment option, if you made only the minimum payments, at the end of the 10-year term the principal balance would have been paid in full.  During the period, you would make 107 payments varying between $150.48, and $100.00, and one final payment of $168.15.

You should consult a tax adviser regarding the deductibility of interest and charges for the line. This offer is subject to credit approval. Not all applicants may qualify for this rate.  Offers may be withdrawn at any time.