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Choose CCFCU for a fixed or variable rate home equity loan with low rates, flexible terms, no expenses for “points” and tax-deductible interest (consult a tax advisor for complete rules).
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Items needed to process loan
1. Completed Loan Application
2. Copy of the Property Tax Statement
3. Appraisal of Home
4. Copy of the Home Owners Insurance Declaration Page
showing Coverage, Agent's Name and Phone Number. The
credit union must be able to perfect a valid mortgage.
Home Equity Line of Credit
The maximum equity line is based on 80% of appraised value (less any existing mortgages). Click here for the current interest rate, if closed before the end of this quarter. The rate will be adjusted the first of each quarter. The rate will be 2.5% over the five-year Treasury Note rate or 2% over the Bank Prime rate (whichever is lower).
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Home Equity Line of Credit Plus
No new loans for this product at
this time.
The maximum equity line is based on 100% of appraised value (less existing mortgages). Click here for the current interest rates The interest rate will be adjusted the first of each quarter. The rate will be 3.5% over the five-year Treasury Note or 3% over the Bank Prime rate (whichever is lower).
If the loan is closed in the following quarter, the new rate will apply. The maximum rate will be 18% per year.
The loan will mature in five years. On the maturity date you will need be required to do one of the following options:
1. Pay the entire outstanding balance in full.
2. Begin paying the outstanding balance according to a fixed payment schedule determined by us with interest at a fixed or variable rate determined by us, with no further advances.
3. Enter into a Modification & Extension Agreement renewing your line of credit for an additional period of up to five years on terms and conditions determined by us.
Monthly payments will be based on $12.00 per $1,000.00 of the loan on rates below 12%, or $14.00 per $1,000.00 on rates 12% and less than 16%, $16.00 per $1,000.00 per month on rates above 16% or a minimum of $50.00, whichever is greater.
Closing fees are no longer being waived -
effective 05/01/07.
You will be required to carry Home Owners Insurance on this loan. You must list the credit union as a mortgagee on the policy.
In most cases, a real estate loan from CCFCU is tax-deductible... Consult your tax advisor to be sure.
Home Equity Fixed Mortgage
The mortgage amount can be amortized for up to 180 months. Based
on 90% of value. The current interest rate will be a fixed rate for the first balloon term.
At the option of the credit union, the mortgage will be renewed at the end of each balloon period subject to market conditions and credit worthiness. A new application, note and disclosure statement will be required when the mortgage is renewed.
Pre-Qualify now! Apply Now!
Click here for the current rates.
Home Equity Fixed Mortgage Plus
No new loans for this product at
this time.
The mortgage amount can be amortized for up to 180 months.
Based on 100% of value. The prevailing interest rate will be a fixed rate for 60 months. A balloon payment will be due at the end of the 60-month period.
At the option of the credit union, the mortgage will be renewed at the end of each 60-month period subject to market conditions and credit worthiness. A new application, note and disclosure statement will be required when the mortgage is renewed.
Click here for the current interest rate on a two 60-month balloons.
Closing fees are no longer being waived -
effective 05/01/07.
You will be required to carry Home Owners Insurance on the loan. You must list the credit union as mortgagee on the policy.
In most cases, a real estate loan from CCFCU is tax-deductible....Consult your tax advisor to be sure.
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