Disclosure
FIRST MORTGAGES
We offer fixed rate first mortgages up to 30 years.
SECOND MORTGAGES
& HOME EQUITY LOANS
Mortgage loans are one of just a few good opportunities for tax
deductions. McCoy FCU provides you with flexible second mortgage
programs. We have terms of up to 180 months, loans up to $175,000.
Our revolving credit rate is a FIXED rate for the life of the plan.
FIXED TERM FIRST AND SECOND MORTGAGE LOANS
- After you
complete the loan application, you will be given a Good Faith
Estimate of closing costs and an estimated Truth-in-Lending Disclosure
that shows you your number of payments, payment amount, total
finance charges and other terms. You will also be given a HUD
booklet that tells you all about settlement or closing costs.
- Next we process
your application (this includes getting an appraisal) and when
approved, schedule a closing date. This process usually takes
15 to 20 days.
- Closing your
loan, you will sign and receive a final Truth-in-Lending disclosure,
a settlement statement, a promissory note and mortgage and other
required forms. At this time you must also show proof of property
insurance. Certain other fees that have already been disclosed
to you will be due. Some may be added to your loan amount and
financed.
Home Equity
Revolving Credit Mortgage Loan
- After you
complete the loan application, you will be given an Important
Terms Disclosure that tells you about the Plan Agreement. You
will also be given a booklet on what you should know about Home
Equity Lines of Credit.
- Next we process
your application and when approved, schedule a closing date. This
process usually takes 15 to 20 days.
- Closing your
loan, you will sign and receive a Home Equity Revolving Loan Agreement,
open end mortgage, and a funds advance voucher for your initial
home equity loan advance.
- Your credit
line will be for a maximum amount. After your Plan is established
you may receive advances by calling us or by other means as approved
by us. You line will automatically replenish as you repay.
Terms you need
to know about mortgage loans.
Loan origination fees - the cost to obtain a mortgage loan.
We do not charge origination fees.
Appraisal and Credit Report Fees - These are fees collected
by us and paid to outside companies who perform these services.
Private Mortgage Insurance - Generally, the first month's premium
is paid in advance. The insurance insures against our loss if you
default. Ask us if PMI is required for your loan.
Property and Hazard Insurance - As a condition of your loan,
we require you to insure the property against damage. The first year
premium must be paid in advance.
Prepaid Interest - Depending upon the time of the month the
loan closes, interest may be prepaid.
Recording Fees - These fees are charged to the borrower.
Truth-in-Lending Disclosure - This disclosure provides you
with a fair comparison of the cost of credit. The Annual Percentage
Rate disclosed is the cost of credit expressed as an annual percentage
rate. This rate combines the loan interest rate over the life of the
loan plus the total costs to obtain the loan. All lenders are required
by Federal Regulation Z to provide you with this disclosure.
Good Faith Estimate - The Real Estate Settlement Procedures
Act requires all mortgage lenders to give you an estimate of the total
charges to close a fixed term loan with their institution. The estimates
are just that, given in good faith, based on what the credit union
knows at the time of your loan application.
Settlement Statement - A complete breakdown of the exact costs
for a first or second Procedures Act, gives an overview of the lending
process.
Important Terms Disclosure - This form is required by the Truth-in-Lending
Act, Regulation Z. It tells you about the terms of a Home Equity Revolving
Credit Plan. It has information about minimum and maximum payments,
transaction requirements and costs to obtain a loan and other information
you need to know to make a fair comparison of Plans.
Mortgage - This is the document you sign granting us a security
interest in the property pledged as collateral for you loan.
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