HOME EQUITY LOAN DISCLOSURES

NOTICE TO APPLICANT(S):

 

PLEASE READ THIS CAREFULLY AND MAKE SURE YOU UNDERSTAND EACH ITEM:
1.   The interest rate for the Home Equity Loan that you have applied for shows that the rate is floating. We will lock this rate for you within five days upon our receipt of your application.  

Once we have underwritten your loan; the rate may be subject to change if certain criteria has changed; such as the loan to value, debt to income ratios or your credit history. The interest rate will remain locked for 60 days from the date we originally locked it.

2.  Home Equity Loan rates are fixed rates and will not vary based over the life of the loan.

3.  If the combined loan-to-value ratio of this loan and any other mortgage loan secured by this property exceeds 80%, your interest rate will be higher than that of the standard Home Equity Loan rate.

4.  RIGHT TO RECEIVE A COPY OF APPRAISAL

We may order an appraisal to determine the property’s value and charge you for this appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close.  You can pay for an additional appraisal for your own use at your own cost.

5.  You  must pay us an Appraisal Fee and Credit Report Fee based on the following schedule. This fee is due at closing and is non-refundable based on the criteria listed. If a drive-by appraisal is ordered and you feel that the value is incorrect, you may request a full appraisal to be ordered and pay for the difference in cost.

If the property is a condominium, you must also pay a Condo Certification Fee. The fee is charged by your Homeowners' Association (HOA) or Management Company to provide information to the Bank. The Bank requires this information to determine the eligibility of the project for mortgage financing purposes.

APPRAISAL FEE:

Loan amounts up to $250,000 Drive by Appraisal $300.00 (Single Family or Condo)

CREDIT REPORT FEE:

Individual Borrower $8.27

Joint Borrowers $16.54

CONDO CERTIFICATION FEE:

$250.00 – If Applicable

6.  Based on a realistic assessment of current processing conditions, it is estimated that it will take 2-3 weeks to process your loan.

7.  If your loan is for debt consolidation purposes, the Bank will mail all payments on the loan disbursement date and all accounts will be closed unless prior arrangements have been made.

8.  There will be a prepayment penalty equal to 2.000% of the outstanding principal balance at the time of the repayment if your Home Equity Loan is paid in full in the first two years.

rev. 10.1.2021