Your Credit Union wants you to know that with respect to mortgage loans and home improvement loans the law guarantees:

1.) That you have the right to make a loan inquiry at the Credit Union.

2.) That you have the right to file a written loan application with the Credit Union.

3.) That you have the right to receive a written response to your inquiry or application.

RELATIVE TO MORTGAGE LOANS & HOME IMPROVEMENT LOANS

It shall be the general policy of the Credit Union to grant loans for mortgages and home improvement to qualified members.

LOAN LIMITS: The maximum amount of a loan secured by a mortgage cannot exceed $100,000 or 80% of the appraised value of the property less any outstanding liens on the property.

MAXIMUM LENGTH OF LOANS: The maximum length of time given to repay home improvement loans shall not exceed 5 years. The maximum length of time given to repay mortgage loans shall not exceed 15 years.

COLLATERAL: All real estate loans are to be secured only by a first or a second lien on real estate that the member already owns. Home improvement loans may be granted on an unsecured basis or with various types of collateral, acceptable to the Credit Committee.

AUTHORITY TO GRANT LOANS: The Credit Committee and loan officers have the responsibility for granting loans to members, subject to the restrictions set forth by the board of directors, the bylaws of this Credit Union, and the laws which govern its operation. Loan officers must operate within the limits established for them by the Credit Committee.

LOAN REJECTIONS: The Credit Committee has the sole responsibility for refusing a member's loan request.

GENERAL LOAN FACTORS CONSIDERED

That:

1.) The applicant is of good character.

2.) The loan purpose is provident and productive.

3.) The member's income is sufficient to repay the loan according to its terms.

4.) The member's total debt cannot exceed more than 40 percent of the/their income load will not impair repayment of the loan requested.

5.) The minimum ratio of housing expense to income will not impair repayment of the loan requested.

6.) The member's past credit history with this Credit Union and other credit grantors has been satisfactory.

7.) The time lived at current address and the member's job history must show stability.

8.) The member's signature and/or collateral are sufficient to cover the loan requested.

9.) The member has an established credit rating.

SPECIFIC CRITERIA FOR MORTGAGE LOANS

Lapeer County School Employees Credit Union does not make a mortgage loan on a dwelling located outside of the State of Michigan or on a dwelling subject to an existing land contract.

All real estate loans require the following items which must meet Credit Union standards: an appraisal of the dwelling (if the amount borrowing is $40,000 or more), mortgage title insurance, extended hazard insurance naming Lapeer County School Employees Credit Union, its successors and assignees as loss payee, and satisfactory proof the property taxes and insurance payments are current during the life of the loan. A property survey is also required.

GENERAL FEES

These fees can be paid out of the mortgage.

Credit Report...........................................$ 12.00

Title Insurance........................................$125.00
for the first $10,000 and $2.00 for each additional $1,000 of the requested mortgage loan amount. $190.00 minimum)

Filing of Mortgage...................................$ 23.00

Appraisal..................................................$300.00
If you have an appraisal from your first mortgage we might be able to use it, with no cost to you.

Property Survey.....................................$150.00
We can use the Survey that was done with the first mortgage, with no cost to you. Unless there have been changes on the property.

*THESE ARE ONLY ESTIMATES THAT MAY VERY, DEPENDING ON CONDITIONS*

.WE ALSO WANT YOU TO KNOW:

We have listed our criteria for these types of loans to help you with your financial needs.

Please see our loan officers today for further information.

The Credit Union will need a copy of your Tax SEV (State Equalized Value), appraisal, property survey, and a current paystub(if you not a school employee).

We are here to help you.

Come to the Credit Union for an application. Thank You.