114 Main Street - P.O. Box 102
Franklin, New York 13775-0102
(607)-829-3560 -( 800)-462-0320
Fax (607)-829-3561
Web Site: www.chendelo.org

CHARTERED IN 1954

The Credit Union -

1. Based on 80% of the appraised value after subtracting any outstanding mortgage. The Credit Union will be in no more than 2nd place for a mortgage. (If a second mortgage exists, it will have to be paid in full with the proceeds of this loan.)
    
2. Adjustable rate based on the Prime Rate plus 1% or plus ¾% if automatic deduction from your share account. The rate is to be adjusted July 1st of each year.
    
3. $10,000 minimum line of credit, up to $120,000 maximum line of credit.
    
4. Draw period is the first 5 years, minimum draws of $1,000.
    
5. An initial minimum advance of $10,000 is required
    
6. Payments go towards the principal amount and the interest.
    
7. All fees will be paid by the credit Union if the member draws a minimum initial advance of $15,000. Appraisal fee is required at the time of application, but will be rebated if the minimum $15,000 is taken.
    
8. No pre-payment penalties if the loan is repaid after 2 ½ years. The penalty, if paid and closed prior to the
   2 ½ years, will be the reimbursement of the disclosed closing costs.
    
9. Fees:   Appraisal                     $275                 Attorney                        $250
               Recording Fees           $33                  Exemption Affidavit        $5
               Flood Determination     $22                  Mortgage Tax                ½ of 1.00% borrowed
    
10. The normal closing time is 4 to 6 weeks from when the paperwork is received.
     
11. If you have a current appraisal that is less than 6 months old we may be able to use that.

**As per recent Federal Regulation, any employees who handle or work with mortgages or Home Equities must be registered in the Federal Registry.  This process entailed criminal background checks, as well as, fingerprinting.  In accordance with the regulation, the following employees (each listed below with her NMLS Registration Number) have been registered:

Sue Giudice                  476815                          Jessica DeBoer                        476817
Susan McNeilly             476816                           Deborah Herklotz                     476818

 Downloadable Loan applications
Personal and Secured Loan Applications
Co-Borrower Application
MasterCard Application

We Do Business in Accordance With Federal Fair Lending Laws

 
Copyright © Chen-Del-O Federal Credit Union, 2004 and Privacy Practices