Fee(s) A $100 application fee is required and will be refunded at the time of closing. Filing fee depends on amount borrowed. An appraisal and title search are required if loan to value is over 60% or member is borrowing over $30,000. Additional title insurance fees on loans over $125,000.
Members/Homeowners may establish a line of credit up to 80% of appraisal home value, less less any outstanding mortgage. Repayment is calculated for 20 years after each advance.
Credit Line Minimum: $30,000 Maximum: None
Annual Percentage Rate (APR)
Rate is subject to change monthly and is based on the prime rate published in the Wall Street Journal and which is in effect on the 25th day of the month. The new rate will take effect on the first day of the month.
Regular Rate Options Loan to Value is based on the appraised value and is subject to changes in Prime Rate.
Lifetime Cap Lifetime Cap is 6.5% over the regular rate not to exceed maximum legal limit for credit unions (currently at 18%)
Repayment Terms 20 years
Fee(s) A $100 application fee is required and will be refunded at time of closing. Various closing costs are involved and are determined by the line of credit granted. Satisfaction fees are the responsibility of member.
Minimum Monthly Payment $100.00
Advances Initial: Minimum $10,000 at closing Subsequent: Minimum $1,000
Advances available during the first 10 years. Repayment is calculated for 20 years after each advance.
Tax Advantages Interest paid may be tax deductible. Members are advised to consult with their tax advisor.
Payment Payments are due on the 15th of the month. Payments may be made by Member Telephone Service (MTS), by check or the Automatic Share Transfer.
Home Owners Insurance The credit union requires sufficient insurance to cover the value of the home. Member may select any insurer. Credit Union must be listed as "loss payee".
Flood Insurance Required in some cases (usually determined by the appraisal).
