Thank you for your interest in our Home Equity Lending program.

If you decide to apply for a Home Equity Loan or Line, the following documentation is needed to process your application:

  • Completed loan application form. Apply online!
  • Must be a member to qualify. Not a member?  JOIN NOW!
  • A copy of your most recent real estate property tax bill. This is used to determine the amount of your equity in the property.
  • A copy of your last payroll check stub or the equivalent to verify income
  • Mortgage account statement from your current lender/mortgage holder (if not EMSBLA Credit Union) to verify the account status. The information we require is:
    • Lender name and address
    • Account number
    • Loan Balance
    • Monthly payment amount
    • Current status of account
  • Verification of Homeowner’s Insurance Coverage. (A copy of the declarations page of your policy stating the amounts of coverage and expiration date will be sufficient at this time.)

Average time to close a home equity from the date of completed application and supporting documents to availability of funds is 7-10 business days.

 

HOME EQUITY LINE OF CREDIT (variable rate or 36 month lock rate)

Equity – 80% Loan – to – value (LTV) based on  the lesser of the assessed or fair market value as  disclosed on most recent tax assessment.

Home Equity Line of Credit Example:
Value $120,000
LTV x 80%
  $60,000
First Mortgage $96,000
Available Equity $36,000

Type – Closed end line of credit for a 5 year term. (We reserve the right to call or to refinance any existing balance at maturity.)

Fees - $35 annual fee waived the first year and then assessed yearly thereafter.

Advances –Can be accessed by personal LOC checks or disbursed by cash, check, or transfer to another account by phoning or visiting the office.

Home Equity Line of Credit Payments:
1.5% of the current balance if a 80% LTV loan.
2.0% of the current balance if a 90% LTV loan.

Method of Repayment – Direct transfer from a statement savings or checking account on the 20th or the 1st of the month, or manually sending in the payment. A monthly billing is sent regardless of which way is chosen.

 

HOME EQUITY LOAN (fixed rate)

Equity – 80% Loan – to – value (LTV) based on fair market value disclosed on prior year’s tax bill. Can go up to 90% LTV when EMSBLA holds first mortgage.

HOME EQUITY LOAN (fixed rate) Example:
Value $120,000
LTV x 80%
  $60,000
First Mortgage $96,000
Available Equity $36,000

Type – Closed end loan with a maximum term of 10 years

Fees – NONE

Advances – Total proceeds are advanced one time at loan closing.

Payments – Fixed based on rate and term chosen

Method of Repayment – Direct transfer from a statement savings or checking account, payroll deduction, or manually sending in the payment. A monthly billing is sent regardless of which way is chosen.