Credit Line Mortgages (Home Equity Line of Credit)
Based upon the available equity in the home, Tri-Town can establish a line of credit of up to $100,000.00 secured by your home. As this loan is secured by the home, this interest paid is most likely Tax Deductible (consult a tax professional). Once established, the line of credit is available for your use for a five year period. After this time period, the loan can be paid on monthly installments the same as any other type of loan.
Important points to remember:
- This is a variable rate loan, based upon the 26 week T-Bill plus 4.0%. The Interest rate may change quarterly during the first week of January, April, July and October.
- Advances can be made during the first five years of the loan four times per calendar year in increments of $2,500.00.
- These loans are for Connecticut Property.
- Tri-Town must be listed as Lien Holder on the Home Owner's Insurance. The Borrower is responsible for providing proof of this insurance.
- No Points, Closing costs, or fees of any kind apply to these loans, so they are great for your short term borrowing needs. In most cases, finance charges can be deducted from your income tax, (always check with your tax advisor regarding applicability of deductions).
Loan Applications
When we need to borrow money, we want to know as soon as possible that we have been approved. At the credit union we strive to provide that answers in 24 hours. To help us in this, we need to get all the required documents as soon as possible, the sooner we get it the faster we can approve your loan. When the time comes to apply for a loan, please bring the following:
For All Loans: Complete the application on both sides and bring proof of income, either two recent consecutive pay stubs, two years federal tax returns, or a letter from your employer.
For Debt Consolidation Loans: Copies of the bills you to be paid with current payoff balances. Checks will be made co-payable.
For New Vehicle Loans: Either a copy of the conditional bill of sale from the dealer or a request for pre-approval.
For Used Vehicle Loans: If purchased from a dealer, a copy of the conditional bill of sale. If purchased privately, a complete description of the vehicle including Make, Model, Year, Mileage, all options, and the Vehicle Identification Number.
On-line Loan Applications: For members with on-line account access, we offer an on-line loan application service. Use the FLEXTELLER Log In Form on our Home Page to directly access your account. Or you can log in through the Online Account Access Page.
For instructions on how to complete an on-line application, click here. You may print the instructions, using your normal browser print function. You have have finished, close that window and you will be returned here.
In most cases loans cannot be approved until all the required information is received. Once received, we can usually have an answer for you within 24 hours.
Insurance Offerings
Tri-Town Teachers FCU has had a long and mutually beneficial relationship with The CUNA MUTUAL Insurance Group. We have expanded our relationship and now offer their services directly to our members through their MEMBER CONNECT PROGRAM. In so doing our members will be able to obtain Automobile & Home insurance as well as Life Insurance from a trusted source.
Life Insurance will be provided directly from CUNA MUTUAL, while Auto and Home Insurance will be provided through CUNA MUTUAL's partner—Liberty Mutual Insurance.
For more information please go to our Insurance Page or to access the insurance program of interest directly, click on the appropriate button below.
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