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Home Equity
Line of Credit |
Fixed First Choice
Home Equity Loan |
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Residential, owner
occupied, condos, and 1-4 family units |
Rate
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Term
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10 year
draw –
5 year repayment
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15 yrs |
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Maximum
Amount |
$125,000
loan not to exceed 80% of appraisal, less balance of existing
first mortgage
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$100,000 loan not to exceed 80% of appraisal less balance of existing first mortgage
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Closing
Costs |
None
when drawing $10,000 or more at closing, otherwise approximate
costs
are $550
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None |
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Access |
Check
writing, balance transfer, over the counter/phone request
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Loan proceeds disbursed to HUECU account |
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Repayment |
Payments
due monthly
Refer to Important Terms of HELOC Disclosure
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Fixed
monthly payment |
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Annual
Fee |
None
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None |
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Early
Termination Fee |
Yes ***
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None |
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*** If the borrower terminates the agreement and requests
a discharge of mortgage within 24 months from the date of the note,
borrower shall then be obligated to pay Lender the full amount of the waived costs.
Adequate property and flood insurance (if applicable) is required at time of closing.
Example for Fixed First Choice Home Equity Loan: $50,000 loan amount; 180 monthly payments
in the amount of $421.66; total payback amount $75,898.32; total finance charge
$25,898.32.
Interest-only Home Equity Line of Credit available.
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