Hannaford Associates FCU

Mortgage/ Home Equity Options

• No closing costs for Home Equity Loans, fixed or variable.

• Quick Close. 24 Hours using the taxed (assessed) value of your home. Up to 3 weeks if an appraisal is needed. The credit union will secure a first or second interest in your property but not third.

• The minimum loan amount is $ 10,000.00 with a maximum loan amount of $300,000. Maximum amount using a tax bill valuation is $ 99,999.99.

• Maximum loan amount is 80% loan to value (LTV) minus existing mortgage. Use the example below to figure out the equity you have in your home.

Fixed Rate Mortgage. Refinance only. Both rate and term are fixed. All rates are based on term. Several rates and terms are available. Maximum term is 10 years.

Balloon Mortgage. Purchase or refinance. Payments are based on a 30- year amortization schedule with a balloon payment (balance of loan) due on or before your 120th payment. Great product for those members that want a small payment and plan on selling within ten years.

Home Equity Variable Line of Credit (LOC). Both rate and term of the loan are not fixed . The rate is tied to prime and can change quarterly. All rates are based on loan to value. This product is great for those members who want an open line of credit with the convenience of check writing. The line remains open until closed. Payments are based on 1.5% of the outstanding balance as of the last advance date.

•  Click here for current rates.

•  Click here for Loan Application.

•  Click here to e-mail the loan department.