| TYPE |
RATE TIER* |
DAILY RATE |
ANNUAL PERCENTAGE |
| New Automobile, Boat, RV, and Motorcycle. Current year and previous year untitled (max term is 72 months**) |
I
II
III
IV |
.0123%
.0150%
.0178%
.0205%
|
4.50%
5.50%
6.50%
7.50% |
| Used Automobile, Boat, RV, and Motorcycle, not more than 6 years old (max term is 5 years)*** |
I
II
III
IV |
.0137%
.0164%
.0192%
.0219% |
5.00%
6.00%
7.00%
8.00% |
| Share Secured |
n/a |
.0123% |
4.50%
(36 month max) |
| Signature Loans and Lines of Credit**** |
Specified:
$500 to $10,000
(max term is 48 months) |
I
II
III
IV |
.0233%
.0261%
.0288%
.0315% |
8.50%
9.50%
10.50%
11.50% |
Open End
$500 to $7,500 |
I
II
III
IV |
.0261%
.0288%
.0315%
.0410% |
9.50%
10.50%
11.50%
12.50% |
| When applying for a debt consolidation loan, all debts must be paid directly by the credit union. |
Debt Consolidation
Secured by title
(max term is 48 months)
Collateral not over 6 years old
|
I
II
III
IV |
.0164%
.0192%
.0219%
.0247% | 6.00%
7.00%
8.0%
9.00% |
Home Equity Lines of Credit
$150K MAXIUMUM, 90% Loan to Value, conditions apply |
I, II, & III only |
.0144% |
5.50%
(VARIABLE)
(PRIME Plus .25%) |
| |
|
2nd Mortgages |
3rd Mortgages |
| |
RATE TIER |
DAILY RATE |
ANNUAL PERCENTAGE |
DAILY RATE |
ANNUAL PERCENTAGE |
"HOMER" 5 year
Up to 100% Loan to Value, $15K Maximum |
I
II
III
IV |
.0137%
.0164%
.0192%
.0219% |
5.00%
6.00%
7.00%
8.00% |
.0164%
.0192%
.0219%
N/A |
6.00%
7.00%
8.00% |
"HOMER II" 7.5 year
Up to 100% Loan to Value,
Maximum DR is 55%
$25 K Maximum |
I
II
III
IV |
.0164%
.0205%
.0233%
.0261% |
6.00%
7.50%
8.50%
9.50% |
.0205%
.0233%
.0261%
N/A |
7.50%
8.50%
9.50% |
| Limited Term Home Loan Fixed when application is approved, Fixed Rate, LTV Max is 80%, 10 year term, other restrictions apply. $200,000 maximum loan. Minimum Loan is $25,000 |
I
II
III
IV |
Prime plus 1%
Prime plus 2%
N/A
N/A |
CU pays 1/2 Closing Costs
(Appraisals excluded)
(In year 5, rate adjust to)
(current prime plus 1%)
(The rate will not be)
(lowered in the 5th year)
|
Tuition Assistance Loan
(Maximum term 6 months) |
|
.0137% |
5.00% (Sponsor Approved) |
Student Assistance Loans
($10,000 maximum, 5 year term) |
|
.0110% |
4.00% (Sponsor Approved) |
|
*Risk Based Pricing Matrix
There are two “TIERS”. Credit Score from Equifax and Debt to Income Ratio.
(If the applicant falls into either column within the tier, they get the least favorable tier group rate)
TIER LEVELS (In cases of joint credit applications, we will use the highest of the two credit scores and the joint debt ratio unless the applicants don’t meet the criteria for joint status)
Column 1
(Credit Score) |
OR | Column 2
(Debt Ratio) | = | Rate Group
APR |
750 - 850
650 - 749
601 - 649
550 - 600 |
|
0 - 39%
40 - 49%
50 - 59%
60 - 70% |
|
I
II
III
IV |
Any combination of low credit score, high debt to income ratio and certain other issues such as bankruptcy, repossessions, judgments, garnishments, tax liens, foreclosures, unemployment, value of collateral and false statements on the application can cause a denial of the loan application.
** The member must borrow $15,000 or more to obtain 72 month financing of a new car
*** The automobile model years financed change every October First. Confirm with the Credit Union that the car you want is eligible for financing and at what rate.
**** The minimum Loan is $500. The minimum signature line of credit advance is $100. Lines of Credit will be valid for approximately 48 months.
The rate you are charged for loans may not be the same as those charged to others due to your credit history and debt-to-income ratio. |
