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Home Loans (Real Estate) FAQs

Q.   What documents are required when applying for a Home Equity Line-of-Credit or Second Mortgage besides the completed credit application?
A. You will need to submit a copy of the deed by which you secure title, current tax bill, good faith estimate signed, copy of the first page of recent income tax return and recent pay stub or W-2 form for each borrower. Prior to closing we will need to obtain an endorsement on your homeowner's insurance policy indicating CEFCU as the mortgagee.

Q. How do I calculate the equity in my home to determine the amount I can borrow?
A. Use the qualifier below to calculate the estimated amount of equity available to you.

Example  (1)   $190,000.00
(2)   x               .80
(3)   -   $95,000.00
(4) $57,000.00

  • Enter the approximate fair market value of your home or condominium
  • Multiply line 1 by .80

  • Enter your current mortgage balance
  • Subtract line 3 from line 2.The difference is your approximate available equity.

Q. I would like to request an advance on my Home Equity Line-of-Credit, is there a minimum requirement?
A. Yes, the minimum advance amount is $1,000.00. For your convenience, you can download, complete and submit a request a Home Equity Line-of-Credit Advance Form. Once completed you can fax, mail or drop off at any CEFCU Location. Your requested advance amount will be available to you within 24 hours.

Q. I understand the Home Equity Line-of-Credit is a variable rate. How often does the rate change?
A. Many financial institutions change the rate every time the prime rate changes. Our Home Equity Line-of-Credit rates change annually, which is on the anniversary date of your loan closing.

Q. My bank is charging me a closing fee on my Home Equity Line-of-Credit. Do you charge a fee?
A. We do not charge a closing, application, filing or annual fee. The only time you would be charged a fee is if you decided to cancel during the application process prior to closing. Any fee that we incurred up to that point would be your responsibility.

Q. Once I apply for a Home Equity Line-of-Credit or Second Mortgage, when can I expect to close on the loan?
A. If the completed application and required documents are received up front; it will help reduce the amount of time needed for processing. At that point you can expect to close on the loan in approximately 4 weeks.

Q. What is the lifetime cap on a Home Equity Line-of-Credit Loan?
A. The interest rate will never exceed 18% over the life of the loan.

Q. Can I access my Home Equity Line-of-Credit by writing a check (draft)?
A. Yes, all you need to do is complete and submit a request Home Equity Line-of-Credit Advance Form and indicate that you want the proceeds transferred into your Checking (Share Draft) account.

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The Credit Union is an Equal Housing Lender.
We do business in accordance with the Federal Housing Law and the Equal Credit Opportunity Act
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, A U.S. Government Agency.