REAL ESTATE

REAL ESTATE

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 & VACANT LAND 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 = $200,000.00

· 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 (2^nd 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

Members’ Responsibility:

· 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 Rates: Please refer to our Loan Rate tab.