First family refinances New York home
October 14, 1999
Web posted at: 4:39 p.m. EDT (2039 GMT)
WASHINGTON (CNN) -- President Bill Clinton and first lady Hillary Rodham Clinton have "secured substitute financing in connection with the purchase of their Chappaqua, New York home," according to a White House statement released Thursday.
The paper statement, from Press Secretary Joe Lockhart, said "the new financing is from PNC Mortgage Corp. of America, a subsidiary of PNC Bank Corp. (formerly Pittsburgh National Bank) and is secured by a mortgage on the property."
A White House official told CNN the loan is for $1.36 million and that the Clintons made a 20 percent down payment. The loan is a 30-year adjustable rate mortgage. The interest rate is 7.5 percent for the first three years, and after that is adjusted annually - with the interest rate set based on the 1-year T-bill rate plus 2.75 percent.