***Home and Land Equity Loans have been put on hold***
Home / Land Equity Loans
• The program will apply only to Homes and Lands located in the State of Missouri.
• All loans will have an adjustable rate for life of loan.
• Rate will adjust on the anniversary date of loan every fifth (5th) year.
• Rate can go up or down no more than two percent (2.0%) each adjustment period.
• Maximum rate adjustment of five percent (5.0%) over life of the loan.
• Loan Facts:
• May be first or second mortgages, single or multiple advances.
• Loan rate will be 26 week Treasury Bill + 3.00% rounded to the nearest .025%.
• Applicant may lock in rate anytime from application date to closing date. Minimum rate will be 5.00 APR.
• Title Letter Report (title search) or title insurance required.
• Loans will have a ten (10) year draw period.
• Maximum repayment time - 20 years.
• Loan amount will not exceed 90% of Assessed or Appraised value less existing mortgage or liens. The appraised value requires an appraisal that is 3 years or newer.
• There will be a minimum loan of $5,000 made under this program.
• No escrow account will be maintained by CECU.
• Expenses such as residential credit report; flood determination; title letter report; recording fees will be payable at closing. Costs not to exceed $300, unless new appraisal is needed for loan value.
• Assessed valuation for rural property or acreage can, but does not have to include residence and acreage where residence is located. Surveys are required when a portion of land is used unless it can be described by a standard government description.
• Loans made under this program will not be assumable.
• Upon request checks will be issued at closing to obtain credit advances on the home equity account.
• Homeowner’s insurance in the amount of all mortgages or liens must be carried by the applicant with CECU listed as Mortgagee. Proof of insurance will need to be provided at closing.
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