Loans available for almost any purpose: Automobile Motorcycle Snowmobile Travel Trailer Motor Coach Real Estate Construction Mobile Home Land Only Camp & Land Home Equity Visa® Student Personal Heavy Equipment Pledged Vacation Bill Consolidation Christmas

LOANS

A fundamental purpose of the Credit Union Founders was to give people of ordinary means a low-cost alternative to loan sharks. Loans are available for almost any prudent and productive purpose.

Credit Union Loans are simple interest loans. Traditionally, Credit Union interest rates are low compared to other financial institutions. The Board of Directors frequently reviews loan policies, such as loan limits, down payment requirements, and interest rates.

There is no penalty for early repayments.

Consumer loans not including real estate loans are covered with Loan Protection Insurance for the Primary borrower up to $25,000.00 in aggregate, with certain age and health restrictions, at no cost to the member.

Check with the Credit Union for our current rates. We have the ability to set up automatic payments to your loan from your Share or Share Draft account for your convenience.

Auto Loans

• 100% financing is offered on all automobiles, new or used. (100% NADA High Book Value on used Auto Loans.)
  
• Autos may be financed for 24, 36, 48, 60 or 72 months.
• When using a vehicle that the member owns free & clear (not financed by a financial institution), the vehicle can be used as collateral @ 80% of the retail book value in the NADA book.

Real Estate Loans

• Real Estate Loans are done on your primary place of residence. This residence has to be a one-to four-family dwelling. The Credit Union does not finance any commercial property.
  
• Real Estate Loans are available at a fixed rate of interest. They are set up in 5-year increments with a minimum of 10 years and a maximum of 20 years. You can pay your loan off sooner without a penalty if you so desire. All Real Estate Loans are processed in order to comply with Secondary Market Standards.

Home Equity Loans

• Rate of interest is 1.5% over the prime lending rate published in the Wall Street Journal.
  
  
• The rate of interest on your home equity loan can change on a semi-annual basis. January 1st and July 1st are the dates when this change will take effect. The rate is determined 45 days before the rate change date.
  
  
• The maximum increase or decrease in the annual percentage rate during any 8 month period is 1.00%
  
  
• Payment:
  
  

  When the interest rate is:	Your payment per $1000 would be:
  12.00% or Less	1.25% of Your Balance or $12.50
  12.25% - 15.00%	1.50% of Your Balance or $15.00
  15.25% - 18.00%	1.75% of your balance or $17.50

  
  Your payment will be determined by taking the percentage based on the prevailing interest rate and multiplying it by the outstanding balance as of your last advance, or $50.00 whichever is greater. Payment due on the 25th of every month.
  
  
• Minimum draft allowed is $500.00
  
  
• Minimum inital credit line is $5,000.00.
  
  
• Required mortgage "1st or 2nd" on primary residence.
  
  
• Copy of hazard insurance on file.
  
  
• The maximum annual percentage rate that can apply is 18.00%. The minimum APR is 7.00%.
  
  
• The home equity loan is renewed on an annual basis.
  
  
• Line of credit is determined by using the following calculation:
  
  

  Current Town Tax evaluation or Appraisal	$50,000.00
  Multiply by 80%	.80
  	$40,000.00
  Less any existing morgage on the property	$15,000.00
  Total Lendable Equity	$25,000.00

  
  
  
• The interest that you pay on a home equity loan may be tax deductible if you are itemizing your deductions. For specific information, please consult with your tax advisor.
  
  
• The cost for the Title Opinion can range from $100.00 to $200.00 (ballpark estimate) depending on the location of your home and legal work involved. Recording fees to register the mortgage with the county that the proprty is located in, run in the range of $14.00 to $30.00 (ballpark estimate).
  
  

For more information on our very popular Home Equity Loan, please stop by the Credit Union and speak to one of our Loan Officers.

VISA® Credit Card

Eastmill Federal Credit Union offers members the VISA® Credit Card. Having a VISA® through the Credit Union means great savings and a better deal - it costs less! No Annual Fee is associated with this card. Minimum monthly payment is 2.5% of outstanding balance or $20.00, whichever is greater. There is a 25-day grace period on all purchases.

The Credit Union Co-operative Concept means lower cost on fees and interest rates. This will allow you more cash for the things you want. With the Eastmill VISA® Card, you will receive a rebate on your purchases using a tiered rebate schedule. The more purchases you charge, the higher rebate you receive. Why use any other credit card, when we will pay you to use ours?

You'll get the same VISA® Card that's honored at millions of places worldwide. When you need emergency cash, you can get it with a VISA® Cash Advance, made available at thousands of locations worldwide.

Stop in at the Credit Union for more information.

Student Loans

• We offer Stafford Loans, formerly called Guaranteed Student Loans. Students are eligible to borrow under this program beginning the first semester of their Freshmen Year. Eligibility is determined by the college the student attends.
  
  
• We also offer an In-House Education Loan Product. Maximum term=60 months; Maximum amount per student=Revolving credit line not to exceed $7,500.00. This is not a deferred loan. To be eligible for insurance coverage on the loan, the parent must be the primary borrower on the loan.

More information is available at the office.

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