Your home is your single
largest investment and means comfort and security for you and
your family. Shouldn't your investment be the smartest one
you make? RESOURCES FCU is pleased to make low-cost mortgage
loans available to our members. Our Mortgage Lender Partners
work hand in hand with RFCU to provide members with mortgage
options that include: FHA; VA; Conventional; 1st or 2nd Mortgage;
Investment Property Programs. RFCU takes applications for and processes Second Mortgage Loans directly through the credit union.
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Apply for a fixed-interest rate second mortgage loan through RFCU. Use the equity in your home for debt consolidation, home improvements, and investment purposes - or for any reason!
RFCU offers Second Mortgage Loans to qualified member-borrowers. Second mortgage loans are considered a closed-end loan product with a credit driven loan-to-value ratio of up to 90%. The minimum loan amount is $10,000 with terms of 5-12 years and rates starting at 6%.
A .25% rate discount will be afforded to members with an existing – or new – active* checking account and debit card. Applicable fees apply. For more information, contact the credit union.
Note: Interest paid on second mortgage loans may be tax-deductible. RFCU does not offer tax advice. To determine if the interest you pay will be tax deductible, consult your tax advisor.
*Active = Check/Debit Transactions made within the last 90 days. Members who do not currently have a checking or debit card on their account mad add one prior to loan completion to receive the rate discount.
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Apply for a fixed-interest
rate home equity loan. Use the equity in your home for debt
consolidation, home improvements, and investment purposes -
or for any reason!
Features and Benefits:
- Loan terms fully amortized in 5, 10,
15, or 20 years
- 30-year amortization due in 15 years (30
/ 15 balloon loan)
- Borrow up to 100% of the value of your
home, up to $500,000
- Competitive Interest Rates
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Establish a secure
home equity line to draw upon when you need it. A home equity
line of credit can be used for home improvements, debt consolidation,
investment - or any reason!
Benefits:
- Easy and convenient check access
- Interest-only payments
available
- No annual fees, check or service charges
- Low monthly payment
- Interest may be tax deductible (consult
your tax advisor for more information)
Features:
- A home equity line of credit is open to draw for
10 years
- Borrow up to 100% of the property value
- Interest rates
as low as prime interest rate; minimum rates apply
- Variable
interest rates change when the prime interest rate changes
- A home equity line of credit can be used for any purpose
- Monthly billing statements
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A
reverse mortgage,
also known
as a home
equity conversion mortgage, is a government-insured loan
that
enables homeowners
62 and older to turn the value of their home into tax-free
income without
the burden
of a mortgage
payment.
FACT 1: Reverse mortgages are not only for those that are "house
rich, cash poor."
FACT 2: A senior's home doesn't have to be debt-free in order
for them to get a reverse mortgage.
FACT 3: The bank does NOT own the home after a homeowner gets
a reverse mortgage.
FACT 4: When a reverse mortgage comes due, the bank does not
sell the home.
Want more information? Contact the credit union
directly. Get the Facts!
At the current time, RFCU processes all mortgage and home equity-related
products by utilizing credit union partners. For the most current
partners, rates, and options, contact the credit union directly
at (804) 281-6341.
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