Home Equity Loan Requirements

1. Maximum Amount of Loan for any One Member:
   Maximum amount of loan for any one member shall be 80% of the appraised value (Fair Market Value), less any current unpaid lien balances of record on the date of the loan. The minimum amount of loan shall not be less than $25,000.00
2. Trade Area Restrictions: State of Texas.
3. Specific Documentation needed for Credit Union to process loan:
   1. Signed and completed application.
   2. Copy of Deed of Trust or Warranty Deed to property for legal description.
   3. Verification of amount owed on any 1st, 2nd or 3rd mortgages.
   4. Copy of your present hazard (homeowners) insurance policy and Flood insurance (if required).
   5. Employment/Income Verification. Ex: Most recent pay stub or complete IRS Tax returns.
   Note: No loan may be advanced before the three day waiting period (Sunday and holidays are not included). Options for closing your loan: In an office of Synergy FCU, Real Estate Attorney’s office or Title company.
4. Collateral Requirements:
   Lien contract on Homestead Property
5. Appraisal Requirements: (if required - will be ordered by Credit Union)
   Methods of determining property value vary depending on amount of loan financed, location and condition of property. Fees may apply. An appraisal may be ordered at credit union’s discretion at any time.
6. Insurance Requirements:
   The homeowner needs to provide a copy of the Declaration page to show evidence of fire and extended coverage as well as additional coverage, such as Flood/Windstorm insurance (if required). It must be equal to the loan value or actual cash value of any other liens combined with the amount advanced under this note prior to loan funding.
7. Closing Costs:
   Member is responsible for all closing costs, to include, but not limited to, a certified appraisal, exterior inspection/AVM value report, title policy and or title lien search and survey, if required. Document and recording fees apply. All affidavits needed to perfect Synergy FCU’s lien on collateral will be charged to member.

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