Fixed Rate Home Equity Loans
The Tri-Town Teachers Federal Credit Union offers a Fixed Rate Home Equity Loan for its members. This loan is available on Connecticut property only and it must be on the member's primary residence. Look below for rates and more information.
| Page Table of Contents | |
| Rate | Processing Time |
| Loan Amounts | Procedure |
| Terms | Estimated Costs |
Rates
The rate is fixed, set at the time of commitment, based on the Prime Rate; however the lowest rate available will be 5.25%, regardless of what the prime rate is.
| Credit Score | Your Credit Grade | Rate |
| 700+ | A | Prime minus 1.50% |
| 640-699 | B | Prime minus 0.75% |
| 600-639 | C | Prime |
| 550-599 | D | Prime plus 0.75% |
| Below 550 | E | Prime plus 1.50% |
Loan Amounts
75% of Appraised value less any other liens of mortgages up to a maximum loan of $50,000.00. There is a minimum loan amount of $10,000.00.
Terms
- Up to $25,000.00 120 month maximum term
- $25,001.00 and over 180 month maximum term
- Lowest possible rate will be 5.25% interest, fixed at time of commitment
Processing Time
Approximately 4 to 5 weeks from date of application to check disbursal. This may be longer if there is a complex title search or other unforeseen complication.
Procedure
- Application
- Submitted by member and all owners of home with a complete copy of warranty deed, which includes description of the property with volume and page number.
- Credit Check
- Done by Credit Union
- Appraisal
- Arranged by Credit Union
- Approval
- Once above is complete, a Commitment Letter will be mailed to the member for their signature(s).
After Approval
- Title Search
- Will be done by Credit Union's attorney.
- Closing
- Will be scheduled by the Credit Union attorney at his office in Norwalk.
- Proceeds
- The first business day after the rescission period ends, the member will come to the Credit Union's office in Westport to sign a voucher concerning the disbursement of funds. Any debts being paid with these proceeds will be paid by separate check at this time. At that time a check for the balance will be issued to the member and all others on the persons on the loan.
- Homeowners Insurance
- Verification required at closing. Credit Union must be named as loss payee. Funds will not be disbursed until proof is received.
Estimated Costs
Cost will be shared equally by the borrower and the credit union. These costs are estimated to be less than $500.00 and will be due at closing, payable to the credit union attorney.
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