We are now originating first mortgages for our members no matter where they live within the U.S. Interest rates have been quite low, and while some people were refinancing to get a lower interest rate, others were buying new homes. The most we could do for them previously was to do a home equity loan if they lived within a 60 mile radius of Rapid City.
Our members have been very excited about this program, as they do all their paperwork with our friendly credit union - mostly through the mail or by fax. It doesn't cost them any more to work through us, and some specials have saved them money in closing costs. Many times, our loan officer in Minneapolis has been able to get them better interest rates than they could anywhere else. This is a service that we are sure will continue to be popular with all our members.
Home Equity Loans
|Loan-to-loan Value:||80% Maximum, Less First Mortgage|
|Value Determination:||Assessment or Appraisal|
|Mortgage:||First or Second Position|
|Security:||Primary Residence of Borrower|
|Location:||Within 60 Miles of Rapid City|
|Condition:||Site Built, Completed Construction and in Good Repair|
|Late Charge:||%5 of the Payment, Minimum of $10.00, Ten Days Grace|
Regarding Closed End Fixed Rate Home Equity Loans
- Minimum/Maximum Loaned: $5,000 to $50,000
- 5, 10 and 15 Year Interest Rates - See Current Rate Sheet
Mobile homes assessed and taxed as real property with a permanent foundation below the frost line will qualify for Home Equity Loan Rates. Mobile homes taxed as a mobile home will not qualify for a Home Equity Loan, but rather at Mobile Home Rates.
Insurance in an amount equal to or greater than the maximum possible advance shall be required. All Home Equity loans shall comply with the requirements set forth in the National Flood Insurance Act of 1968 as amended by the Flood Disaster Protection Act of 1973, as described in section 701-32 of the NCUA Rules and Regulations.
Some closing costs may be charged. Please call for further information.
Regarding Open End Variable Rate Home Equity Loans
- Minimum/Maximum loaned on Variable Rate Line of Credit: $1,500 to $50,000.
- Draw Period three years.
- Maximum length of the repayment period is 12 years from the end of the Draw Period.
- Variable Rate adjusted quarterly, based upon the Prime Rate in the Wall Street Journal.
- Maximum/Minimum interest rate from...
- Interest/Payment will change up or down on the first day of each quarter.
- Minimum set payment is $50.00.