|
Home Equity
Fixed Rates
General Criteria
| NO APPLICATION FEE |
Effective February 23, 2010
|
| CT Owner Occupied
properties only. |
No prepayment penalties.
|
Minimum loan $10,000/Maximum loan $30,000.
Refinance** Fixed Rate Equity Loan Applications must add at least
$10,000 to an existing Fixed Rate Equity loan balance or pay a
$325.00 NON REFUNDABLE Fee.
Hazard Insurance(s) naming Milford Federal Credit Union as a
mortgagee will be required on all loans. You are required to pay
all premiums as due for the Hazard Insurance(s).
Credit Life/Disability Insurance up to $30,000.00 is available
separately.
Properties with "In-Ground" oil tanks may not be
acceptable.
SECURITY INTEREST: Generally, this loan should be in no less
than 2nd lien position. We will take a mortgage on your home. You
could lose your home if you do not meet the obligations in your
agreement with us.
Late Charges: A late charge of $15 will be
assessed after ten (10) calendar days of delinquency.
TAXES: Your interest may be tax deductible. You should consult
your tax advisor regarding deductibility.
HOME EQUITY FIXED RATE
For Home equity loans up to 80% of the value *
minus any remaining mortgage balance.
TERM 5 YEARS Rate
4.75%APR
Payment (e) example for $10,000 loan for 5 years: $187.59 per
month
Contact a Representative at (203)877-0080
(e) = Estimate. Interest on all loans is calculated daily.
* Method to determine value is at the sole discretion or Milford
Federal Credit Union.
** We reserve the right to limit no fee refinances to 2 times
during any 5 year period. | 