The following formula will give you an estimate on available equity in your home:
|Current estimated value of your home||$|
|Multiply this amount by the percentage (70% and 80%)||X||%|
|Subtract all mortgages & liens owed||–|
|This equals the estimated home equity available||=|
Member Checklist of Documents to include with your Application:
- Last mortgage statement from your existing home loan lender & any other mortgage balances you may owe. The statement should include name, address, and account number of your mortgage company.
- Copy of current hazard/fire insurance policy (must list La Loma FCU as loss payee prior to loan funding & maintain throughout loan term).
- Copy of current flood insurance, if applicable (must list La Loma FCU as loss payee prior to loan funding & maintain throughout loan term).
- Attached Confidential Information Statement
- Income Verification – last 2 paycheck stubs (if self-employed, most recent years tax return)
- Copy of 1st mortgage note to verify loan product type (Fixed or ARM)
* The annual percentage rate (APR) may increase or decrease during the term of the agreement. Property insurance is required. The rate cap is 18%.