•HOME
•Join Us!
•Contact Us
Internet Banking
•Enroll/Features
Rates
•Savings/CD Rates
•Loan Rates
Savings
•Share Accounts
•Holiday Accounts
•Certificate of Deposits
Checking
•Account Info
•Order Checks
•Debit Card
VISA Debit/Gift Cards
•Card Info/Balance
Loans
•Car/Truck/Motorcycle
•RV/Boat/ATV/Jet Ski/etc
•Home Equity Line of Credit
•Personal Line of Credit
•Share/CD Secured
Additional Services
•General Information
| • |
No closing costs | |
| • |
No application fees | |
| • |
Tax-deductible interest (consult a tax preparer for tax deduction) | |
| • |
Draw on the line of credit for the first 5 years and pay only on the current balance | |
| • |
10 year payback | |
• |
Fee applies if no amount is drawn on the line of credit in the first 12 months | |
• |
Call 952-848-4282 for current rates | |
• |
Maximum Line of Credit amount is $99,000 | |
| Line
of Credit Amount |
Interest
Rate |
| Up to 80% of home equity (see example below) |
Prime Rate |
| Up to 90% of home equity |
Prime Rate + 1% |
Interest rates are adjusted
on March 1 and September 1. The adjustment is limited to no more than 1% in 12 months |
|
| Example: Your current property tax statement lists the market value of your home as $200,000. |
Your home equity is calculated as: $200,000 x
80% = $160,000 minus the balance of the first mortgage $110,000 $50,000 |
| So, $50,000 is the maximum amount you could qualify for on a home equity line of credit at the Prime Rate. |
| You can apply for a home equity line of credit in one of three ways: | ||
| 1. |
COMING SOON! Use the Print and Mail Home Equity Line of Credit application | |
• |
Current Property Tax Statement or current appraisal | |
• |
Proof of Insurance | |
• |
Mail the completed loan application and the above required items
to: Edina Schools Credit Union 5701 Normandale Road Edina, MN 55424 |
|
2. |
Apply for a loan at our office - Please bring: | |
• |
Current Property Tax Statement or current appraisal | |
• |
Proof of insurance | |
3. |
Call our office at 952-848-4282 to request a loan application | |
| You
need it? CU Mortgage has got it! Mortgages for all occasions... |
|
| • |
Superior and timely service |
| • |
Wide variety of terms and downpayment options |
| • |
Convenient application process |
| • |
Full menu of mortgage loan products |
| • |
Competitive rates and closing costs |
| • |
First-time homebuyers welcome |
• |
Finance your home with the institution you trust - your Credit Union |
