Home equity loans are offered to all Arlington Municipal Federal Credit Union members. They are available to all qualified homeowners or homeowners or condominiums and one- to four-family dwellings, owner-occupied.
Loans are secured by the equity in your home. Loans are available on properties free of any encumbrance or other defects in title, other than a first mortgage.
A field asset verification (FAV) by a Realtor who the credit union selects is used to determine the value of your home. Loans are available up to 80 percent of the value of the property, as determined by the FAV. If you do not believe the FAV accurately reflects the value of your home, a formal appraisal is required or an analysis by a Realtor the credit union chooses, with the member paying the cost.
If you believe your tax bill does not accurately reflect the property's value, a formal appraisal is required or analysis by a Realtor.
Maximum loan term is 15 years, and any outstanding balance is due in full on the 15th anniversary.
Loan advances may be taken during the first 10 years.
Interest rates will be 2 1/4 points above the six-month Treasury bill rate, adjusted to the nearest 1/8th of a percent, and will be adjusted semiannually, on Jan. 1 and July 1 of each year.
Interest rates will not go below 8 percent.
There is a 1 1/4 semiannual cap and a 6 percent lifetime cap on interest rates.
Interest rate on home equity loans will be based at 8 percent.
Credit lines available will be from $5,000 to $80,000. Minimum advance $500.
FEES: none.
Required documents for home equity loans:
1. A completed and signed application. All areas filled out.
2. Copy of most recent tax bill, appraisal or analysis of property.
3. Copy of most recent pay stub or most recent federal income tax return (for all borrowers).
4. If tax bill is unavailable, a formal appraisal is required.
5. Credit union will obtain a flood determination certificate on property.
6. Copy of most recent mortgage payment.
7. A copy of the property deed or certificate of title.
NOTE: Example provided to figure equity in your home:
Appraisal or analysis done: $200,000
Minus 20% of value -$40,000
Minus your first mortgage: -$125,000
= $35,000 in equity
| 
