Lending Services2
Terms
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- SECU can loan up to _____% of the documented sales price.
- 110%
-
The Credit Union offers a fixed rate loan for new vehicles for a term of up to _____________.
- 6 year (72 months)
- What is the $140 processing fee for second mortgage loans used for?
-
1) to obtain a title opinion on your property deed
2) to record the Deed of Trust for the loan, and
3) to obtain a flood zone certification - The maximum term for a variable rate second mortgage loan is ____ years.
- 10
- The origination fee for a second mortgage loan is 1% the amount of the loan. (True or False)
- False - There is no origination fee for second mortgage loans.
- The cost to process an SECU second mortgage loan is usually $____, plus appraisal fees.
- $140
- The interst rate on a variable rate second mortgage loan is subjest to change by a maximum of ____% per quarter, and the cap over the life of the loan is ____%.
- 1% and 18%
- Loan amounts for closed-end variable rate second mortgage loans on improved land are based on the same guidelines set forth for ____________ loans.
- home equity
- A closed-end variable rate second mortgage loan to finance unimproved land must be secured with a first Deed of Trust and the maximum loan-to-value is ____% for raw land and ____% if the property is in a subdivision setting.
- 50% and 75%
- The property financed by a closed-end variable rate second mortgage loan for unimproved property should generally be less than ____ acres.
- 10
- You can establish a credit line of up to ____% of the value of your home, less the first mortgage balance.
- 90%
- The Credit Union offers a fixed rate second mortgage loan with a maximum term of ____________.
- 6 years(72 months)
- What fees are required with an unsecured Courtesy Deed of Trust loan?
- Title opinion, flood certification and recording fees
- The expense associated with a courtesy deed of trust is a recording fee of $____.
- $18
- The usual minimum monthly payment on a home equity loan is $____ per $1000 borrowed.
- $12
- Your maximum interest rate for a home equity loan is ____% or less depending on your initial interest rate.
- 18%
- The rate for a home equity loan may not change more than ____ percentage point each quarter or ____ percentage points over the life of the loan.
- 1/2% and 5%
- The minimum rate for home-equity loans repaid by payroll deduction or funds transfer is _____%
- 7.75%
- The interest rate on SECU's home equity loan is subject to change how often?
- quarterly
- The maximum loan amount for a home-equity loan at 90% LTV is $________________.
- $300,000.
- A home equity loan is an open-end loan you may use over and over, for up to ____ years.
- 15
- Home equity loans in excess of $__________ are limited to an ____% loan-to-value.
- $300,000, 80%
- If the property used for a home-equity loan is for rental purposes, the maximum loan-to-value is ____%.
- 70%
- The maximum loan-to-value for an unsecured COurtesy Deed of Trust is ____%.
- 100
- The rate for a home-equity loan is based on the one-year Constant Maturity Treasury yield. (True or False)
- False - it is based on the 26-week Treasury Bill rate plus a margin of 3% or 3.5%.
- If disability insurance is desired in conjunction with life insurance, the payments on your home equity loan will be $____ per thousand higher.
- $2
- To qualify for a new vehicle loan, a car must have lass than ____________ miles on the odometer.
- 10,000
- The maximum loan amount for a fixed rate second mortgage is $_____________.
- $15,000
- Unsecured Courtesy Deed of Trust loans are available on your primary residence. The loan is closed-end with a maximum term of ____ years and a maximum loan amount of $_________.
- 6 years, $20,000
- The Credit Union requires that you maintain collision and comprehensive insurance protection on your new vehicle during the entire laon. The maximum deductible allowed is $____.
- $500