Home Equity Fact Sheet and Fee Schedule - Effective 02/08/2023

1. Based on 80% of the appraised value after subtracting any outstanding mortgage. The Credit Union will be in no more than 2nd place for a mortgage. (If a second mortgage exists, it will have to be paid in full with the proceeds of this loan.)
2. Adjustable rate based on the Prime Rate in Wall St. Journal on February 20th , May 20th, August 20th, November 20th. The rate is to be adjusted quarterly the first business day of January, April, July and October of each year.
3. $10,000 minimum line of credit, up to $120,000 maximum line of credit.
4. Draw period is the first 5 years, minimum draws of $1,000.
5. An initial minimum advance of $10,000 is required.
6. Payments are applied to the principal and interest with each payment.
7. All fees will be paid by the Credit Union if the member draws a minimum initial advance of $15,000. Appraisal fee is required at the time of application, but will be refunded if the minimum $15,000 is taken. Once the appraisal has been completed, if the loan does not close for any reason the appraisal fee will not be refunded. The member will receive a copy of the appraisal.
8. No pre-payment penalties if the loan is repaid after 2 ½ years (30 months). There will be a closing cost fee reimbursement required if the loan is paid and closed prior to 2 ½ years (30 months).
9. Fees:
   

   Appraisal Paid	$
   Attorney	$250
   Recording fees	$70
   Exemption affidavit	$5
   Flood Determination	$22
   Mortgage Tax	1/2 of 1.00% borrowed

10. The approximate closing time is 4 to 6 weeks from receipt of the initial application.
11. If you have a current appraisal that is less than 6 months old we may be able to use that.