Equity LOC

SFCU HOME EQUITY LINE OF CREDIT
Your home can offer you financial freedom by utilizing your equity to effectively manage your debt. Suffolk FCU recognizes this, and offers you a Home Equity Line-of-Credit product to fit your lifestyle.

Home Equity Line of Credit *APR = Annual Percentage Rate. Rates and terms are accurate as of 2/4/2008 and are subject to change without notice. The introductory rate is as low as 3.99% is available for the first six months for all approved loans who pay closing costs. The six month introductory rate as low as 3.99% is not available for members who apply for a non-primary resident or no income check Home Equity Line of Credit. For every $1,000 borrowed at 3.99% APR for 48 months, the monthly payment will equal $22.54. For additional sample loan payments, use the online loan calculators available or contact the credit union. If member elects to have the credit union pay for the closing costs, including mortgage tax, the rate on home equity lines including introductory rate will be adjusted to 4.49%. The Credit Union also requires the initial disbursement to be $30,000 and a balance of $25,000 must be outstanding for six months.

The rate after the introductory period can be as low as 1.00% below the Prime Rate for members that elect to pay closing costs. The rate after the introductory period can be as low as .50% below the Prime Rate for members that elect the Credit Union to pay the closing costs. The Prime rate is the rate published in the Wall Street Journal and will be the Prime Rate for 80% loan to appraised value (LTV). Subject to change monthly. Rate not to exceed maximum legal limit for Credit Unions (Currently at 18%). Applicants who are not approved at these rates may be offered credit at a higher rate. Interest expense incurred may be tax deductible, consult a tax advisor regarding the deductibility of interest.

Rate is based on the member having Direct Deposit of recurring net income into the credit union. If Direct Deposit is not available, the member may also be eligible by maintaining a minimum aggregate balance of $3,000 in any account other than a certificate at Suffolk Federal CU for the duration of the loan.

Hazard insurance is required on all real estate loans. Other fees may be applicable in connection with your Home Equity Line of Credit Application. Please see an SFCU representative for additional information, applicable fees and terms.

HOME EQUITY LINE OF CREDIT
Members/Homeowners may establish a line of credit up to 80% of the appraised value, less any outstanding mortgage. Repayment is calculated for 20 years after each advance. The rate is variable and is subject to change monthly. No closing cost option limited to lines of $150,000 or less.

Repayment Terms 20 years.

Fee(s)
Various closing costs may be involved and are determined by the line of credit granted. Satisfaction fees are the responsibility of member.

*If Suffolk FCU pays closing costs, member must draw a minimum of $30,000 at closing and maintain a balance of $25,000 for 6 months. If the balance falls below $25,000 or member terminates the line before 2 years, member will be required to reimburse Suffolk FCU the costs of the upfront closing fees. If not, mortgage lien will not be released.

Credit union will pay closing costs for loan limits of up to $150,000 with a .50% rate increase.

Minimum Monthly Payment $100.

Initial Advances: $30,000 if credit union pays closing costs.* $0 if member pays closing costs.

Subsequent Advances: 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.

Repayment Payments are due on the 15th of the month. Payments may be made by Member Telephone Service (MTS), online banking, by check or by automatic share transfer.

Home Owners Insurance The credit union requires sufficient insurance to cover the value of the home. Member may select any insurer. SFCU must be listed as "loss payee".

Flood Insurance Required in some cases (usually determined by the appraisal).

Eligibility Requirements & Restrictions
-Member must be 18 years of age.
-Member must maintain a $5.00 minimum balance in their share savings account.
-Member must demonstrate credit worthiness and ability to repay.
-The credit union may finance properties located outside New York State.
-All names listed on the deed must sign mortgage.

Special Features
The automatic transfer of payments from regular share account is available.
Advances available through MTS, ATM, Internet, VISA Debit Card.
Payment calculation available through MTS.

NON-PRIMARY RESIDENCE HOME EQUITY LINE OF CREDIT

Members may establish a line of credit up to 80% LTV on a non-primary residence. Repayment is calculated for 20 years after each advance. The rate is variable and is subject to change quarterly.

Credit Line 80% Loan to Value (LTV).

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 last month of the quarter (March, June, September, December). The new rate will take effect on the first day of the month in the next quarter.

Lifetime Cap Rate not to exceed maximum legal limit for credit unions (Currently at 18%).

Repayment Terms 20 years Draw Period 10 years

Fee(s) Various closing costs may be involved and are determined by the line of credit granted. Satisfaction fees are the responsibility of the member.

*If Suffolk FCU pays closing costs, member must draw a minimum of $30,000 at closing and maintain a balance of $25,000 for 6 months. If the balance falls below $25,000 or member terminates the line before 2 years, member will be required to reimburse Suffolk FCU the costs of the upfront closing fees. If not, the mortgage lien will not be released.

The credit union will pay closing costs for loan limits of up to $150,000 with a .50% rate increase.

Minimum Monthly Payment $100.

Initial Advances Minimum $30,000 at closing if credit union pays closing costs.* $0 if member pays closing costs.

Subsequent Advances 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.

Repayment Payments are due on the 15th of the month. Payments may be made by MTS, home banking, by check or by automatic share transfer.

Home Owners Insurance The credit union requires sufficient insurance to cover the value of the home. Member may select any insurer. SFCU must be listed as "loss payee".