The Hubble Equity Line of Credit Special Introductory Rate! Our Hubble Equity Line of Credit has an Introductory rate of 3.00% APR until June 30, 2012. This offer is for new loans only. The line of credit may be used for multiple purposes as your needs arise. It is our most popular product! Pay as you go with the Hubble : You only pay for what you borrow You may draw from your credit limit over and over Affordable payments amortized over twenty years Open a free checking to access your advances Home Purchase - 80/15/5 The Hubble may be used in conjunction with our 80/15/5 or 80/10/10 purchase plans There are no closing costs to use this loan in conjunction with a purchase You may use the equity, in your principal residence, as a down payment to help purchase your retirement or vacation home Loan Limits/Loan to Value Financing is available up to 95% of the home s value (less mortgage), if the first mortgage is financed with CFCU. If the first mortgage is not financed with CFCU, you may be eligible for up to 90% of the value of your home (less mortgage). Properties, outside the DC metropolitan area, are eligible for up to 85% of the value of the home (less mortgage). Loan Limits ($25k 450k). No closing Costs! We pay all the closing costs if the loan is financed with us for two years.
Hubble Equity Line of Credit Plan Please review our current rate sheet and the Home Equity Early Disclosure (attached) for important terms and conditions for this product. Occupancy Primary Residence Only Loan to Value Ratio 85%/90/ 95% Index Wall Street Journal Prime Margin 0.00% Minimum Maximum 2.00% (Annual) 14.00% (Life) Floor 4.00% Payment Amortization 20 years First Adjustment June 30, 2012 Periodic Adjustments Quarterly (after June 30, 2012) Limits/Advances $1,000 (minimum advance) Property Locations Eligible for All Plans: Properties located in the District of Columbia, Arlington, Alexandria, Fairfax, Fauquier, Loudoun, Prince William, and Stafford counties in Virginia; and Montgomery, Prince George s, Anne Arundel, Howard, Carroll, Frederick, Calvert, and Charles counties and Baltimore city and county in Maryland. ** Properties located in other areas are eligible for 85% plan loan to value ratio.
Establishing the Value of Subject Property Amount Borrowed Method of Determining Property Value* $25,000 - $249,000 A current tax assessment from the local office responsible for real estate assessments in the property s jurisdiction, $250,000 and up Recent appraisal (12 months) * Constellation Federal Credit Union reserves the right to require additional property evaluation prior to approval of the loan request. All appraisal fees are the responsibility of the borrower.
Document Checklist Let s get started! How to apply: The best way to apply and track you home equity request is online. Just log into your online account and click the Loan Applications link. We now offer instant online approval! You will receive a decision in minutes. Request for Information: Most recent income statement Copy home insurance policy First mortgage statement (non CFCU loans) Copy recent tax assessment or recent appraisal (12 months) Appraisal Order form (requests over 250K) You may scan copies to Loandepartment@constellationfcu.org; subject line: (Loan Manager) or send by fax to 301-229-4502 (Attn: Loan Manager) Meet the loan team: If you have questions, please contact us at 800-826-3818 or loandepartment@constellationfcu.org. Sabera Alan (ext. 1203) Audrey Hastings-Spaine (ext 1206) Angella Williams (ext 1207) Betty Middlebrooks (ext 1204) Thank you for using your credit union! Equal Housing Lender
Appraisal Order Request You are entitled to receive a copy of the appraisal report. Owner s Name / Member Number Property Address Contact for Appointment Daytime Number PAYMENT AUTHORIZATION & ACKNOWLEDGEMENT I authorize Constellation FCU to order an appraisal for the subject property above. I understand that the amount stated below is an estimated cost and that actual costs may vary depending on the jurisdiction and size of my home. An agent of Constellation FCU will contact me PRIOR to scheduling any appraisal if the costs EXCEED the amount stated here. Please debit my (Checking/Savings/ Money) Acct for $400-$425. I have enclosed my check for $400-$425. Signature / Date Real estate laws provide that you receive a copy of a good faith estimate prior to paying any fees related to this mortgage. Paying the fee does not obligate you to take the loan.