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: 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 will be assessed an Early Closure Reimbursement Fee. The Early Closure Reimbursement Fee will be assessed in the amount of $0.00.
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.
