* FIXED RATE FIRST AND SECOND MORTGAGES
- Loan terms: Please call 334-364-2850 for more information.
- Interest rate based on Prime Rate, as published in the Wall Street Journal, plus margin
- Margin may vary based on credit factors and type of loan
- Maximum interest rate = 18% APR*
- Minimum interest rate = 5% APR*
- Rate is fixed for term of loan.
- No Origination fee
- One time application fee of $100.00 (Due at time of application acceptance)
- Appraisal fee - Approximately $350.00 - $450.00 (Due at time of scheduled appraisal)
*Consult your tax advisor regarding the deductibility of interest. Equal Opportunity Lender. Loans subject to normal credit approval. All loan rates quoted as Annual Percentage Rate and are subject to change without notice. Home loans are available on primary residence only. Loans must be secured by property located in the state of Alabama. Borrow up to 80% of appraisal, minus 1st mortgage lien, with a maximum of $75,000.00. Member pays for appraisal. Member is responsible for closing costs. Closing costs generally total between $300.00 to $1200.00. If you ask, we will give you an itemization of the fees you will have to pay to third parties. You must carry insurance on the property that secures this plan.
APPLYING FOR A MORTGAGE LOAN FROM EAC FEDERAL CREDIT UNION
EAC Federal Credit Union would like to make your mortgage experience as fast and easy as possible. To begin this process you will need to fill out an application. Applications are available at the credit union. Having your documentation ready when you apply will reduce the time required to approve your loan.
We will ask you to provide some or all of the following items:
- A fully completed Uniform Residential Loan Application
- Pay stubs for the last 30 days, showing current and year-to-date earnings for each applicant
- W2 and 1099 forms (if applicable) from the last tax year for each applicant
- Personal tax returns for the last 2 tax years
- If you are self-employed, business tax returns for the last 2 tax years, plus a current year-to-date Profit and Loss statement
- Bank account numbers and statements for the last 2 months
- Loan, credit card and other debt account numbers and balances
- Canceled checks or other evidence of mortgage or rent payments
Additional information may be requested to complete approval of loan application.
Please contact a loan officer for further information at 334-364-2850.