THE CREDIT UNION OFFERS HOME EQUITY LINES-OF-CREDIT IN THE AMOUNTS OF BETWEEN $25,000.00 AND $200,000.00 AT $5,000.00 INCREMENTS. THE FOLLOWING DETAILS APPLY.


  1. WE OFFER TWO TYPES OF HOME EQUITY LOANS:


       FIXED RATE FOR THE LIFE OF THE LOAN IS 4.50% OR A VARIABLE  RATE OF PRIME, ADJUSTED

      QUARTERLY, AS PUBLISHED IN THE WALL STREET JOURNAL ON THE FIRST BUSINESS

      DAY OF THE PREVIOUS MONTH.

     THE MIMIMUM RATE WILL BE 3.50%. CALL US FOR THE CURRENT RATE. 


2. THE PROPERTY MUST BE LOCATED IN MASSACHUSETTS.


3. THE PROPERTY MUST BE OWNER OCCUPIED. IF THE PROPERTY IS A SECOND/VACATION HOME,

    BOARD OF DIRECTORS APPROVAL IS REQUIRED.


4. THE CREDIT UNION MUST BE LISTED AS 2ND MORTGAGEE.


5. LOAN-TO-VALUE RATIO MAY NOT EXCEED 80%. PROPERTY VALUE WILL BE DETERMINED BY A

    FIELD ASSET VALUATION (FAV) PERFORMED BY A QUALIFIED AGENT CHOSEN BY THE CREDIT   

    UNION.


6. DRAW PERIOD SHALL BE 10 YEARS WITH AN ADDTIONAL 5 YEAR PAY-OFF PERIOD.

    MINIMUM DRAW SHALL BE $1,000.00


7. LOAN PAYMENTS ARE CALCULATED AT A 10 YEAR AMORTIZATION.


APPLICATION PROCESS: 

1. RETURN COMPLETED APPLICATION, ALONG WITH A COPY OF DEED TO THE PROPERTY.

2. COPY OF YOUR MOST RECENT MORTGAGE STATEMENT SHOWING CURRENT BALANCE

3. A COPY OF YOUR TAX BILL STAMPED PAID FROM YOUR CITY/TOWN HALL

4. TWO MOST RECENT PAYSTUBS OR TAX RETURNS

5. AN INSURANCE BINDER FOR AN AMOUNT EQUAL TO OR EXCEEDING THE BALANCE OF YOUR 1ST & 

    2ND MORTGAGEE AND LISTING AMFCU AS SECOND MORTGAGEE.

FLOOD INSURANCE COVERAGE IS REQUIRED IN FLOOD HAZARD AREAS.


** FIXED RATE HOME EQUITY LOANS ARE AVAILABLE AT THE CURRENT RATE OF 4.50% WITH A

    TERM OF 10 YEARS (120 MONTHS)




 


HOME EQUITY POLICY

The 2018 Annual Meeting of the Credit Union will be held on Tuesday, April 23, 2019 5:00 P.M.

at the Sons of Italy hall on Prentiss Rd. Arlington, MA.

Along with regular business, there will be an election for three Directors.

Any member in good standing wishing to be placed on the ballot must notify the Credit Union office

(781-316-3142) by 12:00 noon on Friday April 19, 2019.  There will be no nominations from the floor.

Food will be served and there will be a raffle of cash door prizes.

YOU MUST BE PRESENT TO WIN A DOOR PRIZE.

ARLINGTON MUNICIPAL FEDERAL 

CREDIT UNION