Applicants must qualify under normal underwriting guidelines. Rates may vary depending on loan type, term, applicant credit history and credit union relationship. Rates and terms are subject to change.
Variable Rate Information: Your APR may vary. The Annual Percentage Rate (APR) includes only interest and no other costs. The Annual Percentage Rate under this Agreement is based upon the sum of the Index plus the Margin. The Annual Percentage Rate may increase or decrease based upon changes in the Index, and such changes will affect your Minimum Payment and periodic finance charges. The "Index" is Prime Rate as published in the Wall Street Journal. This initial rate is equal to the Index plus Margin. The margin could be 0.00%, 1.00% or 2.00%. Fees are subject to change or could be waived. These fees generally total between $0 and $2,500. Maximum APR is 18.00%. You agree to obtain property insurance against loss or damage to the Property, in the amounts, for the time periods and against the risks that the Security Instrument and/or we require. You agree to provide (i) property insurance for the Property in an amount equal to the replacement cost of the property and (ii) if we notify you that the Property is located in a flood zone, flood insurance in an amount equity to the lesser of the Credit Limit or the maximum amount available pursuant to the National Flood Insurance program (if we notify you after the date of this Agreement, you agree to obtain such insurance within 45 days of being notified). You agree to provide us with a mortgagee endorsement on origination and at each renewal of such insurance coverage.
To qualify for no closing costs, member must do a minimum draw of $10,000. If a $10,000 draw is not made, member would be responsible for all closing costs. Closing costs may vary based on loan amount and county of residence.
Members may borrow against their available credit line for a period of 10 years, after which any existing balance must be paid in full within the following 10 years. Home Equity Lines of Credit are available for primary residences. Primary residences are owner-occupied, principal residences only.