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Collateral Mortgage & Home Equity
Buying a Home or Land for a future Home can be one of the largest and most pleasurable purchases that a member can make in their lifetime. St. Jules Credit Union offers Collateral Mortgage Loans & Home Equity Loans to its membership.
Collateral Mortgage Loans & Home Equity Loans
Features:
- NO ORIGINATION FEE
- NO APPLICATION FEE
- NO FLOOD DETERMINATION FEE
- NO CREDIT REPORT FEE
*NOTE: Other financial institutions may charge a 1.00% to 2.00% Origination Fee.
Example of Savings on Closing Cost without the Origination Fee: On a home purchase of $200,000.00 with the fee at 1.00%, the savings amount to $2,000.00.
Collateral Mortgage Loans: St. Jules Credit Union may make Residential Real Estate Loans to members on a one to four–family dwelling as long as it is or will be the Primary Residence of the member-borrower and the loan shall be secured by a lien on such dwelling. St. Jules Credit Union may make Vacant Land Loans to members as long as it will be used Only for Personal Use.
- Maximum Borrowing Amount = $250,000.00
- Financing: 80% of the Lesser of the Purchase Price or the Appraised Value.
- Terms: Up to 15 Years with a 10 Year Balloon Note
Home Equity Loans: St. Jules Credit Union may make Collateral Mortgage Home Equity Loans (2nd Mortgage) to members. St. Jules Credit Union may make Residential Real Estate Loans to members on a one to four–family dwelling as long as it is or will be the Primary Residence of the member-borrower and the loan shall be secured by a lien on such dwelling.
- Maximum Borrowing Amount = $50,000.00
- Financing: 80% of the Appraised Value less any other mortgage loan balances owed on the property.
- Terms: Up to 15 Years with a 10 Year Balloon Note
Required Items:
- Board Approved - Current Licensed Appraisal (Current=less than 1 Year)
- Termite Inspection
- Attorney
- Appropriate Homeowner Insurance throughout the life of the loan.
- Flood Insurance will be required if at any time, the property location is determined to be in a flood zone.
- Property Taxes throughout the life of the loan.
*NOTE: The financing of Property located outside of the State of Louisiana will require Board Approval.
Loan Approval: All loans are subject to credit approval and are based on current policies and procedures.
Loan Officers: We have 3 Loan Officers Available to assist you with your lending needs.
- Cathy St. Aubin
- Lisa Dore
- Diane Lantier
