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 |
|
|
| 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 |
| up to 15 years |
8.99% apr |
100% 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.
-Payment example: For a 15 year loan of $20,000 at 8.99% annual percentage rate you would make 180 monthly payments of $202.94.
| 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 4/01/08
***OAC = On Approved Credit
***APR = Annual Percent Rate
***LTV = Loan To Value
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Our Rates