Home Equity Terms & Conditions

Conditions

  • Loan rates are subject to change daily.
  • APR = Annual Percentage Rate.
  • There are No Loan Application Fees.
  • Number of monthly payments is not predictable for variable rate loans.
  • See Truth in Lending Disclosure addendum in your loan packet for payment calculation method.

Home equity loan fees are waived if the initial advance is $10,000 or greater and a balance remains on the books for at least 12 months.

Loan to Value amount will be based on credit qualification.

Variable Rate Changes: The annual percentage rate can change on the first day of each month. There is no limit on the amount by which the annual percentage rate can change during any one year period. The maximum Annual Percentage Rate that can apply is 15% or the maximum permitted by law, whichever is less.

Summary of Service Charges & Fees (subject to change):

Home Equity Line-of-Credit (HELOC)

Service Charges:

  • Recording fee
  • Flood zone determination fee
  • Title search (if applicable)
  • Appraisal fee (if applicable)
  • No closing cost if initial advance or loan is $10,000 or more and a balance is maintained for 12 months

Features:

  • Variable interest rate now featuring Prime Plus One ( see rates )
  • Simple interest loan
  • No prepayment penalty
  • LOC up to 90% LTV of appraisal or tax value
  • No application or annual fee
  • No points
  • Check and Visa access (no annual fee Visa Gold, upon qualification)

Home Equity Fixed

Service Charges:

  • Recording Fee
  • Flood Zone Determination Fee
  • Title Search (if applicable)
  • Appraisal Fee (if applicable)
  • No Closing Cost if initial loan is $10,000 or more and a balance is maintained for 12 months

Features:

  • Fixed interest rate ( see rates )
  • Terms up to 15 years (primary residence or second home)
  • Simple interest loan
  • No prepayment penalty
  • Loan up to 90% LTV of appraisal or tax value
  • No application or annual fee
  • No points

Home Improvement

Service Charges:

  • No closing cost unless appraisal required or loan exceeds $25,000
  • Title Search
  • Appraisal fee (if applicable)
  • No closing cost if initial advance or loan is $10,000 or more and a balance is maintained for 12 months

Features:

  • Fixed interest rate ( see rates )
  • Terms up to 10 years
  • Loan up to 90% of property value estimate
  • Simple interest loan
  • No prepayment penalty
  • No points

Residential Lot Loan

Service Charges:

  • Closing costs
  • Title search
  • Appraisal fee
  • Survey fee (if applicable)
  • Attorney's fee (purchase only)

Features:

  • Fixed interest rate (see rates)
  • Five-year balloon/15 year amortization (purchase only)
  • Terms up to 12 years
  • Simple interest loan
  • No prepayment penalty
  • Loan up to 80% of loan-to-value (LTV)
  • Variable rate with one year maturity for conversion to construction/perm loan.

Coastal Federal Credit Union — Simply Brighter.