For most borrowers there will be no out-of-pocket cost as the credit union will waive its usual origination fee and cover the costs of title search, value verification, flood plain certification and lien filing. In most cases, that’s everything.
There are certain exceptions to absorbing costs. They include:
- Cost of full appraisals if required by state law or on loan amounts over $75,000;
- The use of attorneys where required by state law; and
- Mortgage taxes in states that tax mortgage loan transactions.
The minimum loan amount required toqualify of this special is $10,000, including $10,000 of “new money” if the loan involves the refinancing of an existing Four Points loan balance.
The length of term on second mortgage loans is up to 15 years. The maximum financing amount is 80% of the estimated property value less the amount of the first mortgage. Because of recent changes in federal law, we are no longer able to offer second mortgages loans on properties without a first mortgage.
Fixed rates are available up to five years. On longer term loans up to 15 years we have options for three and five-year adjustable rates. Home Equity Lines of Credit (HELOCs) are available at adjustable interest rates.
Please refer to the rate page for current interest rate information and then give us a call for full details and to start an application.
