Real Estate Loans 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 & Second Mortgage Loans

  1. After you complete the loan application, you will be given a Loan 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.
  2. 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.
  3. 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

  1. 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.
  2. Next we process your application and when approved, schedule a closing date. This process usually takes 15 to 20 days.
  3. 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.
  4. 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. Your line will automatically replenish as you repay.

All loans subject to credit approval. Applicants who are not approved at the advertised rate may be offered credit at a higher rate. Rates vary from 4.090% APR to 7.603% APR based on your creditworthiness. Rates and terms are subject to change without notice. Property insurance is required. Closing costs range from $1,486 to $5,807. Minimum draw at closing is $1,000. Maximum loan amount is $250,000.

Terms you need to know about mortgage loans.

Loan origination fees - the cost to obtain a mortgage loan.

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.

Loan 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.

Closing Disclosure - 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.