|
The best value in home equity loans is right here at your family credit union. |
We've created a limited time Home Equity Loan package
Say good-bye to application fees, title search fees, appraisal fees and credit report fees.
Say hello to Free loan protection insurance.
At FirstEnergy Family Credit Union, home equity loans are honest and easy!
What are the advantages of financing with my family credit union?
No Application Fee
Free Loan Protection Insurance: Insurance that covers the insurable balance of your loan up to $25,000.00 per loan for death before age 70 or total and permanent disability before age 60.
Honest loan rates: There are no hidden fees or annual dues with your credit union loan. The only fees you encounter are the fees we are charged. We disclose these fees to you up front, at the beginning of the loan.
Competitive interest rates: That’s the benefit of being a member/owner at your credit union. Profits are returned to you in the form of better deals on loans!
Personal Care: You're dealing with people who are working in your best interest. You will receive the personalized service you are accustomed to.
What if I don’t need $30,000, required for the no fee special?
You will be responsible for the processing fees. The only fees incurred are those charged to the credit union and passed through to the loan applicant. These are the appraisal, flood determination, title search, title insurance, mortgage document preparation and recording fees and will vary according to the county where your home is located. There is no application fee or early termination fee. FEFCU has very low fees, please use Comparison Worksheet
Are there Annual Fees?
No.
I just had my house appraised; do I need to pay for another appraisal?
Possibly – we will review old appraisal to determine if it is appropriate.
Can I borrow on land or a rental property?
No – must be the primary residence in the State of Ohio.
How long does the loan process take?
From start to finish usually takes 3-5 weeks
How do draws work?
Call your credit union and simply request a check and state if you would like the check to be mailed or available for pick up. Usually done within 24 hours. There are no check books or share draft accounts available.
What to look for when comparing home equity loans.
- Look for the plan that best meets your particular needs.
- Examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs you’ll pay to establish the plan.
- The disclosed APR will not reflect the closing costs and other fees and charges, so you’ll need to compare these costs.
- Comparison Worksheet
How much can I borrow?
|
The loan limit will be 80% of the appraised value by a
certified appraiser, less any existing liens.
|
|
Example:
|
|
Worksheet:
|
|
|
Appraisal of home
|
$100,000.00
|
My Home is worth:
|
$ ________
|
|
Percentage80%
|
$ x 80%
|
Percentage
|
X ________%
|
|
Percentage of appraised value
|
$ 80,000.00
|
Percentage of Appraised Value
|
$ ________
|
|
Less existing mortgage
|
$ 40,000.00
|
Less my existing mortgage
|
$ ________
|
|
Potential credit line
|
$ 40,000.00
|
My Potential credit line
|
$ ________
|
The best value in home equity loans is right here at your family credit union.
View Terms and Conditions
