Home Equity and Loans to Purchase Land

Do you always seem to need money? Are you going paycheck to paycheck and the glance on your credit card never seems to be going away? Is your house in need of remodeling? Do you need that vacation or a new vehicle, but don't have the cash?

Consider a Home Equity Line of Credit from Pickens Federal Credit Union.

• No Processing or Document Fees
  Brokerage firms will usually charge you to order your title and do your paperwork. At Pickens Federal Credit Union, there are no hidden processing fees.
• No Minimum Balance Requirements
  To keep the account open you may remain at a zero owed balance.
• No Monthly or Annual Fees
• No Margin Points
• No Fees for Advances
• No Prepayment Penalties

Fees You May Be Charged

• You may be charged an appraisal fee if an appraisal is necessary or requested by you or the lender.
• Flood Plain Determination search fees
• Count Register of Deeds fees for filing your mortgage or other legal instrument.
• Attorney fees and Title Search / Commitment Fees

Qualifications for all Land/HELOC loans:

• Credit Score 650 or above
• Attorney of members choosing
• All loans must be title searched
• Bring in your W2s for 2007 & 2008, current paystub, last bank statements from anywhere other than CU
• Address of Property

Rates

Your rate will be linked to the Prime rate as published in the "Wall Street Journal". This rate will change quarterly beginning January 1st, with the rate never to be lower than Five percent nor greater than Eighteen percent.

You will be notified in your quarterly statements what your next rate will be. Your payment can be adjusted up or down to match the rate. Your rate will never change more than Three Percent at a time. However, if you are delinquent in your current payment, no rate will be lowered until you are brought up to date.

$50,000 Potential Credit Line with payment of $390.00 per month.

If you are interested in a Home Equity Line of Credit, stop in to the credit union and speak to a Pickens Federal Credit Union Loan Officer.

Loans to Purchase Land
Maybe you've found the ideal property to build your dream home but haven't quite drawn up the plans yet. No problem. With a Pickens Federal Credit Union Land Loan, you can go ahead and purchase the property before you decide on the architectural details.

Land Loan Rates

• 5 years fixed rate: Credit Score 700 and above …… 6%
  Credit Score 650 to 700…………7.%

• 7 years fixed rate: Credit Score 700 and above……..7%
  Credit Score 650 to 700 …………8%

• 12 years fixed rate: Credit Score 700 and above….8.50%
  Credit Score 650 to 700………9.50

ALL LOANS MUST HAVE CURRENT APPRAISALS.
LOAN TO VALUE RATE MAY APPLY ON AMOUNT LENDED.

Qualifications for all Land/HELOC loans:

• Credit Score 650 or above
• Attorney of members choosing
• All loans must be title searched
• Bring in your w2s for 2005 & 2006, curent paystub, last bank statements from anywhere other than CU
• Address of Property

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