Home Equity Line of Credit Terms & Conditions
Important Information:
Annual Fee: $50. Fee will be waived if payments are automatically transferred from a SchoolsFirst FCU Share Savings or Checking account.
Early Closure Reimbursement Fee: $400. If the Home Equity Loan or Line of Credit is closed or a credit limit increase is requested within the first 36 months after the loan is granted, the borrower must reimburse SchoolsFirst FCU for loan origination costs.
Origination Fees: No lender origination fees are required unless accommodation-recording fees, title charges to clear or transfer liens, or indemnification due to construction on the subject property are required. The borrower is responsible for these costs.
Eligible Property Types: Single family residence, condominium, and Planned Unit Development (PUD). Multi-unit or income properties are not eligible.
Maximum Combined-Loan-To-Value (CLTV): The principal balance of all mortgages on the property divided by the value of the property (including the balance of the first mortgage). The maximum CLTV for a condominium or attached PUD is 70%.
Property Construction/Sale: The borrower is required to wait until loan funds are received to begin work on the property. A property with construction already in progress may not be eligible. If approved, additional fees will be required. Properties currently listed for sale are not eligible.
Property Insurance: A required insurance policy that provides protection to the borrower against loss or damage and to the lender’s interest in the property.
Questions: For more information, contact the Real Estate Lending department at 714.258.4000 or 800.462.8328, extension 8288.
