|
Home Equity & Home Improvement
The
loan is secured with a 2nd mortgage (short form mortgage). The
loan application must be accompanied by an appraisal, property search,
flood zone search and deed. The member is responsible for the fees
pertaining to the above and for filing fees. Proof of homeowner's
insurance with a maximum $500 deducible and loss payable clause to the
Credit Union is required.
- Maximum amount - $5,000 -$50,000 with 20%
minimum equity, 25% for rental property.
- Maximum term - 120 months.
- Interest Rates:
|
Term |
Rate |
|
60 months |
5.25% APR |
|
90 months |
6.00% APR |
|
120 months |
6.25% APR |
Other rates may apply based on lending criteria
|
Home Equity