FIRST EQUITY

Interest rates currently as low as Prime

Interest rate stays fixed for the first 5 years. Adjusts annually thereafter.

Adjustable Rate Mortgage

An Adjustable Rate Mortgage may be a good choice if you:

Want to maximize your buying power
Want to keep your payments lower during the first few years of your loan.
Plan to move into a different home within the next ten years
Plan to pay-off your mortgage within the next 10 years
If, in the coming years, you expect your income to increase significantly

The initial rate index will be determined using the prime interest rate as quoted in the Wall Street Journal 2 business days prior to the change. The initial rate index will then be adjusted depending on your beacon, loan-to-value & debt ratio and can be as low as Prime.

The annual percentage rate for the first 5 years will not change. Thereafter, the annual percentage rate can change yearly on the first day of each year. The President/CEO may change the margin of the initial rate not to exceed 100 basis points and this change cannot stay in effect more than 45 days without the Board of Directors’ approval. The adjustable index for these loans after the fixed initial rate period will be based on the prime interest rate as quoted in the Wall Street Journal 2 business days prior to any rate adjustment.

There will be no fees charged on home equity loans if your initial advance is at least $5,000. In lieu of an initial advance, all fees will be the responsibility of the member.

*Home Equity Line-of-Credit has a variable Annual Percentage Rate (APR) with a maximum APR of 18%. The fees and costs required to open the Home Equity Line-of-Credit are usually between $50 and $1500. These will be paid by the credit union if your initial withdrawal is at least $5,000. If your loan is satisfied in full within the first year, you must pay back all of the closing costs. If the loan amount is satisifed in full within the second year, you must pay back half of the closings costs. The monthly payment factor will be based on a payoff of 30 years. Payments will change monthly based on the current rate and the balance. The member will have the option of interest only payments during the first five (5) year period, for A & B paper only. Property insurance is required. Credit standards apply. Please contact a credit union representative at 877-GO-FSU-CU for more details.