Home Mortgage
Your credit union has many different types of mortgage loans available. Please visit our loan department for further information on your individual needs.
- 1st & 2nd Mortgages
- Home Equity & Home Improvement Loans
| home equity line of credit |
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|
| loan term |
annual percent rate |
loan to value ratio |
| up to 15 years |
8.00% variable apr |
90% ltv |
Home Equity Line Of Credit - HELOC
-The maximum ANNUAL PERCENTAGE RATE (apr) that can apply is 18.0% or the maximum permitted by law, whichever is less. However, under no circumstances will your ANNUAL PERCENATGE RATE go below 8.0% at any time during the term of the plan.
-MINIMUM PAYMENT EXAMPLE: if you made only the minimum monthly payment and took no other credit advances it would take 7 years to pay off a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 8.0%. During that period, you would make 84 payments of $156.00.
-The estimated Credit Union and third party fees generally total between $170 and $700.
When your home is on the line: What you should know about Home Equity Lines of Credit.
SLECU Home Equity Line Of Credit Early Disclosure: Important terms of our home equity line of credit plan.
| 1st mortgage fixed |
|
|
| loan term |
annual percent rate |
loan to value ratio |
| 20 years |
7.75% apr fixed |
80% ltv |
-Payment example: For a 20 year loan of $20,000.00 at 7.75% annaul percentage rate you would make 240 monthly payments of $164.36.
-The estimated Credit Union and third party fees generally total between $170 and $700.
| 2nd mortgage fixed |
|
|
| loan term |
annual percent rate |
loan to value ratio |
| up to 15 years |
6.99% apr |
80% ltv |
| up to 15 years |
7.99% apr |
90% ltv |
|
|
|
$5000 to $10,000 - 84 months
$10,001 to $15,000 - 120 months
$15,001 and above - 180 months
-Estimated fees on a $25,000 loan amount:
$311 without appraisal
$636 with appraisal
-Payment example: For a 15 year loan of $20,000 at 6.99% annual percentage rate you would make 180 monthly payments of $179.80.
-Payment example: For a 15 year loan of $20,000 at 7.99% annual percentage rate you would make 180 monthly payments of $191.18.
| home improvement loan |
|
|
| loan term |
annual percent rate |
loan amount |
| up to 15 years |
9.25% apr fixed |
$5,000 - $20,000 |
-Must be used for Home Improvement only.
-Receipts required
-Payment example: For a 15 year loan of $20,000 at 9.25% annual percentage rate you would make 180 monthly payments of $206.06.
*Rates as of 7/01/2010
*LTV = Loan To Value
*Rates & Terms: Interest Rate on each loan is customized to the individual member. The interest rate you receive will be determined by your Fico score. (Credit score) Other rates and terms may apply depending on the individual creditworthiness of each applicant. Items that affect the rate, month & term include past credit history, type and value of collateral, term of the loan, down payment and the number of other credit union services used by the member. All rates are the Annual Percentage Rate (APR) and are a fixed rate unless noted. SLECU terms, conditions and rates are subject to change without notice. On approved credit.
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Our Rates