Home Equity Line Of Credit (HELOC) - Allianceccu
Dear Member,Thank you for requesting Alliance Catholic Credit Union's Home Equity Loan Package. Please take amoment to read the very important information included in this packet.Home Equity Line of Credit (HELOC)This loan features an open line of credit that you can activate as needed. The loan features an annualpercentage rate that may vary. See the enclosed document titled “What you should know about homeequity lines of credit.”ln order to begin your home equity loan request, please submit the following documentation:1.2.3.4.5.6.7.8.9.Completed Application and signed Authorization Form (Included in this packet)A check for 299.00. This is your origination fee.Copy current Mortgage and any applicable ridersCopy of one of the following: Warranty Deed, Quit Claim Deed or Title PolicyCopies of two most recent paystubs for Borrower and Co-borrowerCopy of Divorce Judgment or Trust Document, if applicableCopy of recent summer and winter property tax billIf you have a copy of an appraisal that is less than six months oldCopy of current Homeowners Insurance PolicyAdditional documentation may be required.To check current rates, and speak to a Member Service Representative, please call us at 877.950.2228.Thank you for applying for a Home Equity Loan with Alliance Catholic Credit Union.Enclosures
ACCU Account NumberApplication forHOME EQUITY LINE OF CREDITAmount requested for loan(a variable rate loan)Purpose of Loan:Property Address:Home ImprovementsStreet Address Debt ConsolidationOtherCityZIPStatePhoneManner in which Title will be heldAPPLICANT INFORMATIONCO-APPLICANT INFORMATIONSocial Security NumberSocial Security NumberLAST NameLAST NameFIRST NameMiddle InitialOther Credit NameMother’s Maiden NameDriver License NumberStateHome PhoneWork PhoneFIRST NameOther Credit NameBirthdateMobile PhoneCURRENT AddressCURRENT AddressCityCityHow long at this address?StateHome PhoneE-Mail AddressZIPMother’s Maiden NameDriver License NumberE-Mail AddressStateMiddle InitialStateWork PhoneZIPCURRENT Employer NameEmployer AddressEmployer AddressLength of EmploymentSupervisor/Manager NameStart DateHours Per WeekOther Income (Alimony, child support, or separate maintenance income need not berevealed if you do not wish to have it considered as a basis for repaying this obligation.)OccupationSupervisor/Manager NameMonthly Gross Length of EmploymentStart Date Other Income (Alimony, child support, or separate maintenance income need not berevealed if you do not wish to have it considered as a basis for repaying this obligation.)PREVIOUS Employer NamePREVIOUS Employer NameEmployer AddressEmployer AddressOccupationLength of EmploymentSupervisor/Manager NameStart DateHours Per WeekMobile PhoneHow long at this address?CURRENT Employer NameOccupationBirthdateMonthly Gross OccupationLength of EmploymentHours Per WeekMonthly Gross Supervisor/Manager NameStart DateAlliance Catholic Credit Union NMLS# 4012549300 Cooper Street, Taylor, Michigan 481801.877.950.2228 AllianceCCU.comHours Per WeekMonthly Gross Application continuedon the back
Please answer the following questions. If a YES answer is given,EXPLAIN on attached sheet.1. Have You filed a petition for bankruptcy in the last 10 years?2. Have You ever had any auto, furniture or property repossessed?3. Are you a co-maker or co-signer on any loan?For WhomWhere4. Have You ever had credit in any other name?What Name5. Have You any suits pending, judgments filed, alimony or supportAwards against You?6. Do You have any past due bills?7. Is any income You have listed likely to reduce in the next 2 years?8. Is the property securing this loan You are applying for currentlyfor sale?9. Indicate immigration status:Applicant:U.S. CitizenPermanent U.S. ResidentCo-Applicant:U.S. CitizenPermanent U.S. ResidentMortgage InformationFirst Mortgage Interest Rate:%Estimated Home Value: OOtherOtherMonthly Mortgage Payment: Mortgage Balance: YESNODo You escrow for Property Taxes and/or Homeowner’s Insurance?If NO, please indicate the following: Annual Taxes: Annual Insurance: Do You have a 2nd Mortgage or any type of existing Home Equity Loan currently?If Yes, please indicate the following:YESNOBalance: Rate: Monthly Payment: Debt ProtectionAn appropriate application/disclosure will be furnished at the time Your credit is approved.Please check on of the boxes below:You are interested in debt protection coverageYou are NOT interested in debt protection coverageSignaturesThe undersigned applies for the loan indicated in this application to be secured by a mortgage or deed of trust on the property described herein, and represents that the property will not be used for any illegal or restricted purpose, and that all statements made in this application are true and are made for thepurpose of obtaining the loan. Verification may be obtained from any source names in this application. The original or a copy of this application will be retained by the Lender, even if the loan is not granted. You warrant that You: intend; do not intend; to occupy the property as Your primary residence.You authorize Us to accept Your facsimile signatures on this application and agree that Your facsimile signature will have the same legal force and effect asYour original signature. You assume any risk that may be associated with permitting Us to accept Your facsimile signature. You fully understand that it is afederal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above facts as applicable under theprovisions of Title 18, United States Code, Section 1014.You acknowledge the receipt of the applicable Home Equity Loan disclosures, including but not limited to, the Borrower’s Bill of Rights, Consumer Cautionand Home Ownership Counseling Notice, HUD Approved Housing Counseling Agencies (as required by MPA 660 of 2002) and if applicable, a copy of thebooklet “When Your Home is On the Line.”You hereby acknowledge Your intent to apply for joint credit:Applicant InitialsX DateApplicant’s SignatureCo-Applicant InitialsX DateCo-Applicant’s SignatureAlliance Catholic Credit Union NMLS# 4012549300 Cooper Street, Taylor, Michigan 48180AllianceCCU.com877.950.2228
9300 Cooper St.Taylor, MI 48180877.950.ACCUwww.allianceccu.comIMPORTANT TERMS of our HOME EQUITY LINE OF CREDITTHIS DISCLOSURE CONTAINS INFORMATION ABOUT OUR HOME EQUITY LINE OF CREDIT. YOU SHOULD READ ITCAREFULLY AND KEEP THIS COPY FOR YOURSELF.Availability Of TermsAll terms described below are subject to change. If these terms change, other than the Annual Percentage Rate, and you decide, as a result, not to enterinto an agreement with us, you are entitled to a refund of any fees you paid to us or anyone else in connection with your application.Security InterestWe will take a Deed of Trust/Mortgage on your home (“Security Property”). You could lose your home if you do not meet certain obligations in youragreement with us.Possible ActionsTerminationIf you fail to meet the terms of repayment, or if you act or fail to act in a way that adversely affects our security interest or other rights in the SecurityProperty, or if you have committed fraud or made a material misrepresentation in connection with the account, we may, subject to the Governing Law,terminate the plan, require payment in full of the entire outstanding balance in a single payment or cause the Security Property to be sold and the proceedsof such sale to be applied to your obligation to us. You agree to pay any reasonable costs of protecting, retaking, repairing or selling the Security Property.SuspensionYour right to request additional advances may be suspended, or your maximum credit limit reduced, at our option, in the following instances: (1) you failto make the scheduled payments due to us; (2) you fail to make timely payments to the holders of Deeds of Trust/Mortgages senior to ours; (3) you failto pay real property taxes prior to delinquency; (4) you fail to maintain the required property insurance; (5) the value of the Security Property declinessignificantly below the appraised value upon which we relied in approving your application; (6) we reasonably believe that your ability to meet yourpayment obligations is impaired because of a material change in your financial circumstances; (7) governmental action precludes our imposing the interestrate provided herein or adversely affects the priority of our security interest such that the value of our interest is less than 120.00% of your maximumcredit limit; (8) the maximum interest rate under the plan is reached; or (9) government regulatory authorities find that further advances under this planconstitute an unsafe and unsound practice. When the condition which caused the suspension of advances or reduction of your maximum credit limit nolonger exists, the original terms of your agreement will be reinstated. You understand that if your right to request additional advances is suspended oryour maximum credit limit is reduced, you still owe us whatever sums you have already borrowed, all other charges under your agreement and applicableFinance Charges.Minimum Payment RequirementsYou can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis. Your minimummonthly payment will be established at the time of each advance at an amount equal to 1.00 per 100.00 of your then outstanding principal balance(rounded up to the nearest 100.00), subject to the lesser of 50.00 or your account balance.After the draw period ends, you will no longer be able to obtain credit advances and must repay any outstanding balance (the repayment period). Thelength of the repayment period will depend on the date and the amount of your last advance but in no event will exceed 120 months. During the repaymentperiod, your minimum monthly payment will be calculated in the same manner as the draw period.Paying only the minimum payment may not be sufficient to fully amortize your unpaid account balance by the end of the repayment period in which case,you will be required to pay your entire remaining account balance in a single balloon payment on the Agreement Maturity Date.Minimum Payment ExampleIf you made only the minimum payments and took no other credit advances, it would take 130 months to pay off a credit advance of 10,000.00 at anANNUAL PERCENTAGE RATE of 5.00%. During that period, you would make 120 monthly payments of 100.00, followed by 9 monthly payments of 100.00, and a final payment of 63.36.Negative AmortizationUnder some circumstances, your payment will not cover the Finance Charges that accrue and Negative Amortization will occur. Negative Amortizationwill increase the amount that you owe us and reduce your equity in your home.Fees And ChargesTo open and maintain a line of credit, you will have to pay us 299.00. If you ask, we will give you an itemization of these fees.InsuranceYou must carry insurance on the property that secures this plan.Tax DeductibilityYou should consult a tax advisor regarding the deductibility of interest and charges for the line of credit.Variable Rate FeatureThis plan has a Variable Rate feature. The Annual Percentage Rate (corresponding to the periodic rate), the number of your scheduled payments duringthe draw and repayment periods, and the amount of your final payment can change as a result. The Annual Percentage Rate includes only interest andCopyright Oak Tree Business Systems, Inc., 2004-2019. All Rights Reserved.Page 1 of 2OTBS 021 OAKL (4/19)
no other costs. The Annual Percentage Rate is based on the value of an index. The index is the highest prime rate as published in the Money RatesSection of The Wall Street Journal in effect on the 25th day (or next business day) of the last month of each calendar quarter of each year. If more thanone rate is shown, we will use the higher rate. To determine the Annual Percentage Rate that will apply to your line of credit, we add a margin to thevalue of the index. Ask us for the current index value, margin, and Annual Percentage Rate. After you open a line of credit, rate information will beprovided in periodic statements that we send you.Rate ChangesYour Annual Percentage Rate can change quarterly. There is no limit on the amount by which the interest can change during any one-year period otherthan the maximum and minimum Annual Percentage Rates that can apply at any time to this account.The maximum ANNUAL PERCENTAGE RATE at any time is 18.00%. The minimum ANNUAL PERCENTAGE RATE at any time is 4.50%.Maximum Rate And Payment ExamplesIf you had an outstanding balance of 10,000.00 during the draw and repayment periods, the minimum payment at the maximum ANNUALPERCENTAGE RATE of 18.00% would be 100.00. This Annual Percentage Rate could be reached during the 1st month of the draw and repaymentperiods.Historical ExampleThe following table shows how the Annual Percentage Rate and the monthly payments for a single 10,000.00 credit advance would have changedbased on changes in the index since 2004. The index is from The Wall Street Journal and is calculated on the first business day of October of each year.While only one payment amount per year is shown, payments may have varied during the year. The table assumes that no additional credit advanceswere taken, that only the minimum payments were made, and that the rate remained constant during the year. It does not necessarily indicate how theindex or your payments will change in the EPAYMENTREPAYMENTREPAYMENTREPAYMENT 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 0.00 0.25-0.25-0.25-0.25-0.25-0.25This represents a margin we have recently used.This represents the minimum annual percentage rate.Copyright Oak Tree Business Systems, Inc., 2004-2019. All Rights Reserved.Page 2 of 2OTBS 021 OAKL (4/19)
ALLIANCE CATHOLIC CREDIT UNIONADDENDUM TOIMPORTANT TERMS of our HOME EQUITY LINE OF CREDITSpecial One-Year Introductory RateIn connection with your application for a Home Equity Line of Credit, we have provided you with a documententitled Important Terms of our Home Equity Line of Credit.Alliance Catholic Credit Union has decided to offer certain borrowers a Special Introductory Rate on theselines of credit during the first year the plan is open. As a result of this decision, a number of changes must bemade to the Important Terms of our Home Equity Line of Credit document.Therefore, the Important Terms of our Home Equity Line of Credit document (the “document”) is amendedto provide as follows:1. The section of the document under the heading “Variable Rate Feature” is deleted and replaced withthe following:Variable Rate FeatureThis plan has a variable rate feature. In general, the Annual Percentage Rate (corresponding tothe periodic rate) during the draw and repayment periods, and the amount of your final payment,can change as a result. The annual percentage rate includes only interest and no other costs.From the date this plan is open until the last day of the twelfth full month the plan is open, theannual percentage rate may be fixed at a discounted rate (this is known as a “specialintroductory rate”). Beginning on the first day of the month following the twelfth full monththe plan is open (or, if there is no special introductory rate, on the first day the plan is open),the annual percentage rate will vary, based on the value of an Index. The Index is the highestprime rate as published in the Money Rates Section of the Wall Street Journal in effect on the25th day (or next business day) of the last month of each calendar quarter of each year. If morethan one rate is shown, we will use the higher rate. To determine the annual percentage rate thatwill apply to your account after the special introductory rate period, if there is one, or, if thereis no special introductory rate, from the beginning, we add a margin to the value of the Index.Ask us for the current index value, margin, discounted rate (if any), and annual percentage rate.After you open a line of credit, rate information will be provided on periodic statements thatwe send you.2. The section of the document under the heading “Rate Changes” is deleted and replaced with thefollowing:Rate ChangesIf your plan includes a special introductory rate, that rate will remain fixed until the last day ofthe twelfth full month the plan is open. Beginning on the first day of the month following thetwelfth full month the plan is open, or the first day the plan is open, if there is no specialintroductory rate, your Annual Percentage Rate can change quarterly. After any applicableintroductory rate period, there is no limit on the amount by which the interest can change duringany one-year period, other than the maximum and minimum Annual Percentage Rates that canapply at any time to this account.The maximum ANNUAL PERCENTAGE RATE at any time is 18.00%. Except for anyapplicable introductory rate period, the minimum ANNUAL PERCENTAGE RATE at anytime is 4.50%.1.
3. The section of the document under the heading “Maximum Rate and Payment Examples” is deletedand replaced with the following:Maximum Rate and Payment ExamplesIf you had an outstanding balance of 10,000 during the draw and repayment periods, the minimumpayment at the maximum ANNNUAL PERCENTAGE RATE of 18% would be 100.00. During thedraw period, this Annual Percentage Rate could be reached on the first day of the month following thetwelfth full month the plan is open, if your plan includes a special introductory rate, or during the firstmonth, if it does not. During the repayment period, this Annual Percentage Rate could be reached duringthe first month.4. The section of the Agreement under the heading “Historical Example” is deleted and replaced withthe following:Historical ExampleThe following table shows how the Annual Percentage Rate and the monthly payments for a single 10,000 credit advance would have changed based on changes in the index over the past 15 years. Theindex values are from the first business day of October of each year. While only one payment per yearis shown, payments may have varied during each year. The table assumes that no additional creditadvances were taken, that only the minimum payments were made, and that the rate remained constantduring each year. It does not necessarily indicate how the index or your payments will change in entRATEYearIndexMargin 59% (2)1.59% (2)8.00%7.50%4.75%4.50% (3)4.50% (3)4.50% (3)4.50% (3)4.50% (3)4.50% (3)4.50% (3)4.50% (3)4.50% ENTREPAYMENTREPAYMENTREPAYMENTREPAYMENTREPAYMENT 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 0.00 0.00(1) This represents a margin we have recently used.(2) This represents a special introductory rate we have recently used.(3) This represents the minimum annual percentage rate, except for during any special introductory rateperiod.This Addendum is hereby incorporated into the Important Terms of our Home Equity Line of Creditdocument. None of the other disclosures in that do
Home Equity Line of Credit (HELOC) This loan features an open line of credit that you can activate as needed. The loan features an annual percentage rate that may vary. See the enclosed document titled “ What you should know about home equity lines of credit.” ln order to begin your home equi
financing for your Home Equity/Home Equity Line of Credit loan. This application will help you provide the information necessary to process your financial statement for your Home Equity/Home Equity Line of Credit loan request. If you are not able to provide all of the reques
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fn-38905 (4/20) page 1 of 4 (prescreened offers only: personal code: ) type of loan applied for home equity credit line home equity bridge line no home equity loan home equity credit line increase
Home Equity Loan. Home equity loans are very flexible and can be used for anything from home projects to vacation to refinancing your current home. Home Equity Line of Credit. Want to be able to access loan funds on an as-needed basis? Once you are approved for a home equity line of . credit, you can access your money simply by writing a check.
credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credit. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the home's
A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses.
qHome Equity Credit Line qFixed Rate Home Equity Loan qVariable Rate Home Equity Loan Date Received Log Number . 2/22 Non-Owner Occupied Fixed Rate Home Equity Loan Non-Owner Occupied Fixed Rate Home Equity Loan Fixed Rate Application 611 River Drive Elmwood Park, New Jersey 07407 1-800-363-8115 . FAX: (201) 797-5086 Loan Originator's Name
A home equity line of credit — also known as a HELOC — is a revolving line of credit, much like a credit card. You can borrow as much as you need, any time you need it, by writing a check or using a credit card connected to the account. You may not exceed your credit limit. Because a HELOC is a line of credit, you make payments only on the .
