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 3.25%. 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) NMLS# 1385257