Alabama Credit Union S Home Loan Terms & Conditions

Alabama Credit Union’s Home Loan Terms & Conditions

10-Year Fixed: Private Mortgage Insurance (PMI) required for loan-to-value of 91% to 95%.

15-Year Fixed: Private Mortgage Insurance (PMI) required for loan-to-value of 91% to 95%.

3/1 ARM (30 Year Amortization), First Mortgage: Subject to annual adjustments after first 36 months. Based on 1-year Constant Maturity Treasury Bill plus margin of 2.75 percentage points. After 36 months, interest rate may adjust 2.0 percentage points per year for a lifetime adjustment of 6.0 percentage points. The margin added to 90% LTV loans is 3.00 percentage points. PMI required for loan-to-value of 91% to 95%.

5/1 ARM (30 Year Amortization), First Mortgage: Subject to annual adjustments after first 60 months. Based on 1-year Constant Maturity Treasury Bill plus margin of 2.75 percentage points. After 60 months, interest rate may adjust 2.0 percentage points per year for a lifetime adjustment of 5.0 percentage points. The margin added to 90% LTV loans is 3.00 percentage points. PMI required for loan-to-value of 91% to 95%

7/1 ARM (30 Year Amortization), First Mortgage: Subject to annual adjustments after first 84 months. Based on 1-year Constant Maturity Treasury Bill plus margin of 2.75 percentage points. After 84 months, interest rate may adjust 5.0 percentage points at the initial adjustment, and 2.0 points annually thereafter, for a lifetime adjustment of 5.0 percentage points. The margin added to 90% LTV loans is 3.00 percentage points. PMI required for loan-to-value of 91% to 95%.

Home Equity Line of Credit (HELOC):

Credit union pays closing costs on Home Equity Line of Credit loan: (attorney fee, appraisal fee, title search and insurance, recording fee, origination fee, flood survey fee). Borrower pays survey fee if required. Borrower pays mortgage insurance fee if required. If loan is paid in full in less than five years, payoff must include closing costs paid by credit union. Borrower agrees to repay closing costs paid by Alabama Credit Union if loan balance falls below $5,000 within 24 months after opening. Loans made on primary residence only. Consult a tax advisor regarding deductibility of interest. Offer applies to new Home Equity Line of Credit loans only; existing loans excluded.

HELOC Up to 80% Total Loan-to-Appraised Value: 80% equity; subject to adjust quarterly. Based on 3-month Treasury Bill’s average rate for previous calendar quarter (0.020%), plus margin of 3.4 percentage points. Minimum monthly payment amount is 1.25% of the initial loan advance. Credit union may pay closing costs for loans of $10,000 or more (balance may not drop below $5,000 within 730 days).

HELOC Up to 90% Total Loan-to-Appraised Value: 90% equity; subject to adjust quarterly. Based on 3-month Treasury Bill’s average rate for previous calendar quarter (0.020%), plus margin of 4.4 percentage points. Minimum monthly payment amount is 1.50% of the initial loan advance. Credit union may pay closing costs for loans of $10,000 or more (balance may not drop below $5,000 within 730 days).

Vacant Lots, First Mortgage: Up to 10 years; 75% loan-to-value (recorded subdivisions only); maximum loan is $75,000. Up to 15 years; 70% loan-to-value; maximum loan is $75,000.

Membership eligibility required. Alabama Credit Union is an Equal Opportunity Lender. Revised 10/2/2012