Common Questions:
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Look for the NCUA insurance sign. All federally-insured credit unions must prominently display this logo in their branches and on their website. And credit unions cannot end their federal insurance agreement without first notifying their members. | Learn more.
The amount of protection offered by the NCUA and FDIC are the same. Each offers the same coverage for share, share draft (checking), share certificates, and money market accounts. Neither agency covers losses on money invested in stocks, bonds, mutual funds, life insurance policies, or annuities offered by affiliated entities.
According to the NCUA, “The National Credit Union Administration, commonly referred to as NCUA, is an independent agency of the United States government that regulates, charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions.”
Yes, we offer Home Equity Loans and Lines of Credit on investment properties. We have competitive rates and a variety of options. Typically the member is required to pay closings costs and the appraisal fee.
Typically, it is taking about 4-6 weeks from application to closing for Home Equity Loans.
Yes, you can prepay your Home Equity loan without penalty.
Most of our Home Equity products do not have closing costs unless the loan amount exceeds $250,000. You may be required to pay some closing costs (estimated $500 unless a Full Appraisal is needed) on our promotional Home Equity products.
Our rates are tiered by credit score and depend on the product and term you choose.
A Home Equity Loan gives you the money up front with a fixed rate and a fixed term. Monthly payments are principal and interest.
A Home Equity Line of Credit gives you easy access to your money when needed. Lines of Credit have a variable rate and will adjust with the Prime Rate. Monthly payments are interest only but you can paydown on the principal at any time.
You do not have to open an account before applying for any loan. However, you must become a member of the credit union before your loan closes. Becoming a member is easy. Simply open any type of deposit account that you wish. Each person on the loan must be named on at least one account.
When you apply for a mortgage we must verify every statement made on the application relative to your income, debts, bank accounts, properties owned. We have a team of knowledgeable mortgage professionals that will help you every step of the way.
Based on your particular loan you may be able to pay your own taxes if you wish to do so.
