How much can you borrow? Most of our programs allow you to finance 90%* LTV, while most other financial institutions allow only 80%. You can apply this simple formula to calculate home much of your home's equity you can turn into a CASH reserve
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Current appraised market value: |
$250,000 |
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Multiplied by LTV ratio allowed (.90) |
225,000 |
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Less your outstanding mortgage |
- 150,000 |
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EQUITY Available |
$ 75,000 |
*No PMI. The home will be held as collateral. Not available in California or Texas. As with all mortgages, consult your tax advisor for tax deductibility.
- Minimum line of credit is $10,000.
- Credit Union pays closing costs up to $1,500
- Never a pre-payment penalty
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Variable rate |
Fixed Rate |
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10 year draw period |
5 year draw period |
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25 year total repayment period |
10 year total repayment period |
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rates adjust quarterly |
Maximum line of credit 90% LTV or $500,000** whichever is less. |
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Maximum line of credit 90% LTV or $500,000** whichever is less. |
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*No PMI. The home will be held as collateral. Not available in California or Texas. As with all mortgages, consult your tax advisor for tax deductibility.
**NEW!! Now you can have a line of credit for up to $500,000! We've increased the maximum limit so you can maximize your home's CASH reserve!
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Minimum loan is $5000.
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The maximum loan is $50,000 or up to 80% LTV (which ever is less)
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Settle in 10 days
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The variable rate is Prime
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Credit Union pays closing costs up to $1500 one time in a 24-month period
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5 year draw
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10 year repayment
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Limited to established owner occupied property
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Not for use for initial home purchases
*No PMI. The home will be held as collateral. Not available in California or Texas. As with all mortgages, consult your tax advisor for tax deductibility.
- Credit Union pays closing costs up to $1500 one time in a 24-month period
- Maximum loan amount = 90% LTV
- Never a pre-payment penalty
- Loans available on your current residence.
The combination of a NRLFCU first trust for 80% of the home's value and a second trust for 10% of the home's value and a 10% down payment helps you to avoid PMI. Note: The term of the second trust loan shall not exceed 15 years, however may be amortized over a 30 year period with a balloon payment due at the end of the term. You are responsible for the settlement costs for the first and second trusts.
*No PMI. The home will be held as collateral. Not available in California or Texas. As with all mortgages, consult your tax advisor for tax deductibility.
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