Fees
When are HELOC payments due?
The 25th of every month
How much is covered under CPP single life?
$75,000
How many times can a mbr advance a FRO?
3 advances
What positions on the lien can DFCU take for a HELOC?
1st or 2nd
What are the eligible collateral for a HELOC?
Single Family HomeOwner-occupied single family Condominium Manufactured homes / Mobile homes
Townhome Investment Home
Investment properties
What is the prepayment penalty?
There is no prepayment penalty
At what age does CPP expire?
70
What is the minimum advance for a FRO?
$10,000
What is the life period of the loan?
30 years. 10 year draw period, 20 year pay back
What system do we use to find the value of a home?
Value check
What fees are collected if you payoff and close a HELOC within the first 3 years?
appraisal/title/flood/recording
What are the three CPP options on a HELOC?
Total, disability, life
Can a member get a FRO on their current balance?
Yes
Are these loans assumable?
NO
When a first mortgage is present, who needs to be a borrow on the loan?
At least one borrow that is present on the first mortgage.
What is the annual fee for a Home Equity?
$50
How long does a member have to add on CPP?
180 days from loan disbursement
What is the longest term offered for a FRO?
FRO terms available for 1 to 30 years, not to exceed the maturity date.
What loan amt will require a full appraisal?
$400K
What is required if the home is held in a trust?
COT